Main Management ETF Advisors LLC Sells 5,696 Shares of Lyft, Inc. (NASDAQ:LYFT)

Main Management ETF Advisors LLC lessened its stake in Lyft, Inc. (NASDAQ:LYFT) by 8.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,368 shares of the ride-sharing company’s stock after selling 5,696 shares during the period. Main Management ETF Advisors LLC’s holdings in Lyft were worth $817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Lyft by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock worth $464,434,000 after buying an additional 984,907 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock valued at $121,369,000 after acquiring an additional 2,302,248 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Lyft by 15.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company’s stock worth $120,463,000 after purchasing an additional 1,224,056 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Lyft by 282.0% during the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock worth $111,240,000 after purchasing an additional 6,365,727 shares in the last quarter. Finally, Capital World Investors increased its position in shares of Lyft by 49.4% during the fourth quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company’s stock worth $87,404,000 after purchasing an additional 2,240,478 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $12.45, for a total value of $283,063.20. Following the completion of the sale, the insider now directly owns 959,697 shares in the company, valued at $11,948,227.65. This represents a 2.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the completion of the transaction, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. This represents a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 38,143 shares of company stock worth $486,841. Corporate insiders own 3.07% of the company’s stock.

Lyft Stock Performance

Shares of LYFT stock opened at $17.03 on Wednesday. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.07. The business’s 50 day moving average is $12.03 and its two-hundred day moving average is $13.64. The company has a market capitalization of $7.12 billion, a P/E ratio of 283.83, a P/E/G ratio of 1.90 and a beta of 2.14.

Lyft (NASDAQ:LYFT) last announced its earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.19). The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Lyft had a net margin of 0.39% and a return on equity of 8.03%. The company’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter last year, the business earned $0.15 EPS. Analysts expect that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft announced that its board has approved a stock repurchase plan on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on LYFT shares. Wells Fargo & Company lowered their price objective on Lyft from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, April 3rd. Barclays boosted their price target on Lyft from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Friday, May 9th. Cantor Fitzgerald decreased their price objective on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Evercore ISI lowered their target price on shares of Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a research note on Wednesday, February 12th. Finally, Truist Financial cut their price target on shares of Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, twenty-five have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.56.

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.