Abacus FCF Advisors LLC Purchases Shares of 292,685 Lyft, Inc. $LYFT

Abacus FCF Advisors LLC purchased a new stake in Lyft, Inc. (NASDAQ:LYFT) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 292,685 shares of the ride-sharing company’s stock, valued at approximately $6,442,000. Abacus FCF Advisors LLC owned 0.07% of Lyft as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. AQR Capital Management LLC lifted its stake in Lyft by 144.9% during the second quarter. AQR Capital Management LLC now owns 24,009,925 shares of the ride-sharing company’s stock worth $378,396,000 after purchasing an additional 14,205,143 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Lyft by 0.3% in the second quarter. Geode Capital Management LLC now owns 6,633,591 shares of the ride-sharing company’s stock valued at $104,561,000 after buying an additional 20,354 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Lyft by 75.7% in the 2nd quarter. Marshall Wace LLP now owns 5,464,934 shares of the ride-sharing company’s stock valued at $86,127,000 after buying an additional 2,353,769 shares during the period. Los Angeles Capital Management LLC lifted its stake in Lyft by 415.2% during the 2nd quarter. Los Angeles Capital Management LLC now owns 3,714,935 shares of the ride-sharing company’s stock worth $58,547,000 after acquiring an additional 2,993,807 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its holdings in Lyft by 75.2% during the 1st quarter. Invenomic Capital Management LP now owns 3,587,553 shares of the ride-sharing company’s stock valued at $42,584,000 after acquiring an additional 1,539,388 shares during the period. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Transactions at Lyft

In other Lyft news, CAO Stephen W. Hope sold 4,800 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $22.30, for a total transaction of $107,040.00. Following the completion of the sale, the chief accounting officer directly owned 311,909 shares of the company’s stock, valued at $6,955,570.70. This represents a 1.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Prashant Aggarwal sold 96,900 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $22.30, for a total value of $2,160,870.00. Following the sale, the director directly owned 874,369 shares of the company’s stock, valued at $19,498,428.70. The trade was a 9.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 187,443 shares of company stock worth $4,178,618 over the last three months. 3.07% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on LYFT. The Goldman Sachs Group boosted their price target on shares of Lyft from $21.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Wells Fargo & Company lifted their price objective on shares of Lyft from $20.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, December 9th. Wall Street Zen lowered shares of Lyft from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. TD Cowen raised their price target on shares of Lyft from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Finally, Arete upgraded shares of Lyft from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $10.00 to $20.00 in a research note on Wednesday, December 3rd. Eleven investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Lyft presently has a consensus rating of “Hold” and an average price target of $22.80.

Lyft Price Performance

LYFT stock opened at $19.15 on Tuesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $7.65 billion, a P/E ratio of 50.40, a PEG ratio of 1.96 and a beta of 1.99. The business has a 50 day simple moving average of $20.84 and a 200-day simple moving average of $18.43. Lyft, Inc. has a twelve month low of $9.66 and a twelve month high of $25.54.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Wednesday, November 5th. The ride-sharing company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17). Lyft had a net margin of 2.40% and a return on equity of 18.29%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft Company Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.