Lyft, Inc. (NASDAQ:LYFT) Sees Large Growth in Short Interest

Lyft, Inc. (NASDAQ:LYFT – Get Rating) saw a significant growth in short interest in July. As of July 15th, there was short interest totalling 41,940,000 shares, a growth of 26.2% from the June 30th total of 33,230,000 shares. Currently, 14.3% of the shares of the stock are sold short. Based on an average daily volume of 14,310,000 shares, the days-to-cover ratio is currently 2.9 days.

Lyft Price Performance

Shares of LYFT stock opened at $13.90 on Tuesday. The stock has a market cap of $4.84 billion, a price-to-earnings ratio of -6.07 and a beta of 1.83. The business’s fifty day moving average is $14.85 and its 200 day moving average is $27.62. Lyft has a twelve month low of $11.96 and a twelve month high of $57.76. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.68.

Lyft (NASDAQ:LYFT – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The ride-sharing company reported ($0.37) earnings per share for the quarter, topping the consensus estimate of ($0.58) by $0.21. The company had revenue of $875.60 million for the quarter, compared to analysts’ expectations of $845.91 million. Lyft had a negative return on equity of 50.06% and a negative net margin of 22.42%. The firm’s revenue for the quarter was up 43.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.86) earnings per share. Research analysts expect that Lyft will post -1.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

LYFT has been the subject of several recent analyst reports. Jefferies Financial Group cut their price objective on Lyft from $34.00 to $20.00 in a report on Tuesday, May 31st. Argus cut their target price on Lyft from $72.00 to $41.00 in a research note on Monday, May 16th. KeyCorp initiated coverage on Lyft in a research note on Tuesday, July 12th. They issued a “sector weight” rating for the company. Truist Financial cut their target price on Lyft from $58.00 to $50.00 in a research note on Wednesday, May 4th. Finally, BTIG Research cut their target price on Lyft from $60.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, July 19th. Eleven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Lyft presently has an average rating of “Moderate Buy” and an average price target of $41.55.

Institutional Investors Weigh In On Lyft

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Westpac Banking Corp grew its stake in shares of Lyft by 1.4% in the fourth quarter. Westpac Banking Corp now owns 22,260 shares of the ride-sharing company’s stock worth $951,000 after acquiring an additional 312 shares during the last quarter. Rockbridge Investment Management LCC grew its stake in shares of Lyft by 95.6% in the fourth quarter. Rockbridge Investment Management LCC now owns 671 shares of the ride-sharing company’s stock worth $29,000 after acquiring an additional 328 shares during the last quarter. Gateway Investment Advisers LLC grew its stake in shares of Lyft by 0.7% in the first quarter. Gateway Investment Advisers LLC now owns 52,974 shares of the ride-sharing company’s stock worth $2,034,000 after acquiring an additional 379 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Lyft by 6.2% in the fourth quarter. Orion Portfolio Solutions LLC now owns 6,822 shares of the ride-sharing company’s stock worth $292,000 after acquiring an additional 400 shares during the last quarter. Finally, PSI Advisors LLC grew its stake in shares of Lyft by 8.5% in the first quarter. PSI Advisors LLC now owns 5,100 shares of the ride-sharing company’s stock worth $196,000 after acquiring an additional 400 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Lyft Company Profile

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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.

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