Lyft, Inc. (NASDAQ:LYFT) Short Interest Update

Posted by Defense World Staff on Oct 17th, 2023

Lyft, Inc. (NASDAQ:LYFT – Get Free Report) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 59,490,000 shares, an increase of 10.0% from the September 15th total of 54,060,000 shares. Based on an average daily trading volume, of 13,750,000 shares, the days-to-cover ratio is currently 4.3 days.

Lyft Trading Up 4.7 %

Shares of Lyft stock opened at $10.54 on Tuesday. The stock has a market cap of $4.07 billion, a P/E ratio of -2.92 and a beta of 1.77. The stock’s 50 day simple moving average is $10.93 and its 200-day simple moving average is $10.39. Lyft has a 1-year low of $7.85 and a 1-year high of $18.36. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.82 and a quick ratio of 0.82.

Lyft (NASDAQ:LYFT – Get Free Report) last released its quarterly earnings results on Tuesday, August 8th. The ride-sharing company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.23. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. Lyft had a negative net margin of 30.87% and a negative return on equity of 181.53%. Analysts predict that Lyft will post -1.03 EPS for the current fiscal year.

Insider Transactions at Lyft

In other Lyft news, Director Dave Stephenson purchased 8,826 shares of Lyft stock in a transaction dated Friday, August 11th. The shares were purchased at an average cost of $11.33 per share, for a total transaction of $99,998.58. Following the completion of the acquisition, the director now owns 39,941 shares in the company, valued at approximately $452,531.53. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Logan Green sold 7,862 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $11.44, for a total value of $89,941.28. Following the transaction, the director now owns 472,970 shares of the company’s stock, valued at $5,410,776.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dave Stephenson acquired 8,826 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average cost of $11.33 per share, for a total transaction of $99,998.58. Following the purchase, the director now owns 39,941 shares of the company’s stock, valued at $452,531.53. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 205,726 shares of company stock worth $2,247,945 and have sold 43,733 shares worth $486,348. Company insiders own 3.16% of the company’s stock.

Institutional Trading of Lyft

A number of large investors have recently modified their holdings of LYFT. Kistler Tiffany Companies LLC purchased a new stake in shares of Lyft during the first quarter worth $28,000. Kennicott Capital Management LLC purchased a new stake in shares of Lyft during the second quarter worth $33,000. Signaturefd LLC grew its stake in shares of Lyft by 87.1% during the first quarter. Signaturefd LLC now owns 3,801 shares of the ride-sharing company’s stock worth $35,000 after purchasing an additional 1,769 shares in the last quarter. CWM LLC grew its stake in shares of Lyft by 87.6% during the first quarter. CWM LLC now owns 4,762 shares of the ride-sharing company’s stock worth $44,000 after purchasing an additional 2,224 shares in the last quarter. Finally, S.A. Mason LLC acquired a new position in shares of Lyft during the first quarter worth $46,000. Hedge funds and other institutional investors own 71.63% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Credit Suisse Group dropped their price objective on Lyft from $23.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 9th. Jefferies Financial Group increased their price objective on Lyft from $9.00 to $11.00 and gave the stock a “hold” rating in a research note on Tuesday, July 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.00 price objective on shares of Lyft in a research note on Tuesday, September 5th. BTIG Research reaffirmed a “neutral” rating on shares of Lyft in a research report on Tuesday, September 26th. Finally, Truist Financial increased their target price on Lyft from $10.00 to $12.00 in a research report on Wednesday, August 9th. Twenty-seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.45.

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About Lyft

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Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company operates multimodal transportation networks that offer riders personalized and on-demand access to various mobility options. It provides Ridesharing Marketplace, which connects drivers with riders; Express Drive, a flexible car rentals program for drivers; Lyft Rentals that provides vehicles for long-distance trips; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.