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

Entropy Technologies LP lowered its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 75.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LYFT. Crossmark Global Holdings Inc. grew its position in shares of Lyft by 4.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company's stock valued at $330,000 after purchasing an additional 993 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in Lyft by 9.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company's stock worth $196,000 after purchasing an additional 1,160 shares during the period. QRG Capital Management Inc. increased its stake in Lyft by 6.1% during the 2nd quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company's stock valued at $350,000 after purchasing an additional 1,437 shares in the last quarter. CWM LLC boosted its stake in Lyft by 26.4% during the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company's stock valued at $98,000 after purchasing an additional 1,457 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Lyft by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company's stock worth $2,612,000 after buying an additional 1,477 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Lyft Price Performance

NASDAQ:LYFT 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 company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. Lyft, Inc. has a 1-year low of $8.93 and a 1-year high of $20.82. The company has a market capitalization of $7.35 billion, a P/E ratio of -113.31, a P/E/G ratio of 6.61 and a beta of 2.04. The business has a 50 day moving average of $13.36 and a 200 day moving average of $13.55.

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

Analysts Set New Price Targets

Several brokerages have issued reports on LYFT. Bank of America raised their target price on Lyft from $16.00 to $19.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. cut their target price on shares of Lyft from $18.00 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada cut their target price on shares of Lyft from $24.00 to $17.00 and set an "outperform" rating for the company in a report on Thursday, August 8th. Needham & Company LLC reiterated a "hold" rating on shares of Lyft in a report on Thursday, November 7th. Finally, Piper Sandler restated an "overweight" rating and set a $23.00 target price (up previously from $17.00) on shares of Lyft in a research 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 company. Based on data from MarketBeat.com, Lyft presently has a consensus rating of "Hold" and a consensus price target of $17.48.

Insider Activity

In other news, Director John Patrick Zimmer sold 7,188 shares of the company's stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the transaction, the director now owns 932,062 shares in the company, valued at approximately $10,625,506.80. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of Lyft stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $17.76, for a total transaction of $75,337.92. Following the transaction, the insider now owns 755,847 shares of the company's stock, valued at $13,423,842.72. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,987 shares of company stock valued at $619,025. Company insiders own 3.07% of the company's stock.

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.