Lyft, Inc. (NASDAQ:LYFT) Short Interest Down 21.8% in November

Lyft, Inc. (NASDAQ:LYFT) was the recipient of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 39,460,000 shares, a drop of 21.8% from the November 15th total of 50,470,000 shares. Based on an average daily volume of 14,050,000 shares, the days-to-cover ratio is currently 2.8 days.

Analyst Ratings Changes

Several research analysts have recently commented on the company. UBS Group raised their price target on Lyft from $13.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Wedbush restated a “neutral” rating and set a $20.00 price target (up from $12.00) on shares of Lyft in a research report on Thursday, November 7th. Roth Mkm raised their price target on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Canaccord Genuity Group raised their price target on Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Nomura upgraded Lyft from a “reduce” rating to a “neutral” rating and decreased their target price for the company from $15.00 to $13.00 in a report on Friday, August 23rd. Twenty-eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Lyft has a consensus rating of “Hold” and an average price target of $17.77.

Insider Activity at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 4,242 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $17.76, for a total transaction of $75,337.92. Following the completion of the transaction, the insider now directly owns 755,847 shares in the company, valued at $13,423,842.72. This trade represents a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the transaction, the director now owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,242 shares of company stock valued at $427,330. 3.07% of the stock is currently owned by insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently made changes to their positions in LYFT. Pacer Advisors Inc. acquired a new position in Lyft in the 3rd quarter valued at about $90,604,000. Maple Rock Capital Partners Inc. increased its position in Lyft by 84.8% in the 3rd quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock valued at $78,872,000 after acquiring an additional 2,838,000 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Lyft by 27.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock valued at $103,456,000 after acquiring an additional 1,735,208 shares during the period. National Bank of Canada FI increased its position in Lyft by 27,739.2% in the 2nd quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock valued at $16,665,000 after acquiring an additional 1,188,625 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in Lyft in the 3rd quarter valued at about $13,430,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Stock Performance

Shares of LYFT traded up $0.15 during midday trading on Monday, reaching $14.29. 15,541,746 shares of the stock were exchanged, compared to its average volume of 15,087,161. The business’s 50-day moving average price is $15.36 and its 200 day moving average price is $13.55. 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 has a twelve month low of $8.93 and a twelve month high of $20.82. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of -89.31, a PEG ratio of 4.47 and a beta of 2.09.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. The business’s revenue was up 31.6% compared to the same quarter last year. On average, sell-side analysts expect that Lyft will post 0.08 EPS for the current fiscal year.

About Lyft

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.