Entropy Technologies LP Sells 251,674 Shares of Lyft, Inc. (NASDAQ:LYFT)

Entropy Technologies LP cut its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 75.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 80,462 shares of the ride-sharing company's stock after selling 251,674 shares during the quarter. Entropy Technologies LP's holdings in Lyft were worth $1,026,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Lyft by 592.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company's stock valued at $27,562,000 after purchasing an additional 1,218,620 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Lyft by 27,739.2% during the 2nd quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company's stock worth $16,665,000 after buying an additional 1,188,625 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Lyft by 39.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company's stock valued at $40,475,000 after buying an additional 812,926 shares during the period. Vanguard Group Inc. raised its stake in shares of Lyft by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company's stock worth $636,603,000 after purchasing an additional 782,736 shares during the last quarter. Finally, Quadrature Capital Ltd grew its stake in Lyft by 600.2% in the 1st quarter. Quadrature Capital Ltd now owns 608,430 shares of the ride-sharing company's stock valued at $11,767,000 after purchasing an additional 521,537 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LYFT. Jefferies Financial Group raised their price objective on shares of Lyft from $10.50 to $13.00 and gave the company a "hold" rating in a research report on Tuesday, October 22nd. Bank of America upped their price objective on shares of Lyft from $16.00 to $19.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Piper Sandler reissued an "overweight" rating and set a $23.00 price objective (up from $17.00) on shares of Lyft in a research report on Thursday, November 7th. Melius initiated coverage on Lyft in a research note on Monday, July 22nd. They set a "hold" rating and a $15.00 target price on the stock. Finally, Truist Financial lifted their price objective on Lyft from $13.00 to $20.00 and gave the stock a "hold" rating in a report on Thursday, November 7th. Twenty-eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Lyft presently has an average rating of "Hold" and an average target price of $17.48.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction on Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the sale, the director now directly owns 929,638 shares of the company's stock, valued at approximately $10,523,502.16. The trade was a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $17.76, for a total value of $75,337.92. Following the completion of the sale, the insider now directly owns 755,847 shares of the company's stock, valued at approximately $13,423,842.72. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,987 shares of company stock worth $619,025 over the last ninety days. Corporate insiders own 3.07% of the company's stock.

Lyft Price Performance

Shares of LYFT stock traded up $0.14 during trading hours on Thursday, reaching $17.92. 12,399,641 shares of the company were exchanged, compared to its average volume of 15,129,234. The stock's fifty day moving average is $13.36 and its two-hundred day moving average is $13.55. The company has a market cap of $7.35 billion, a price-to-earnings ratio of -113.31, a P/E/G ratio of 6.61 and a beta of 2.04. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.09. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The company's quarterly revenue was up 31.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.02) earnings per share. Sell-side analysts forecast that Lyft, Inc. will post 0.06 earnings per share for the current fiscal year.

Lyft Company Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.