Lyft, Inc. (NASDAQ:LYFT) Short Interest Up 6.1% in October

Lyft, Inc. (NASDAQ:LYFT) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 57,580,000 shares, an increase of 6.1% from the October 15th total of 54,270,000 shares. Based on an average daily volume of 13,050,000 shares, the short-interest ratio is currently 4.4 days.

Lyft Stock Performance

NASDAQ:LYFT opened at $10.58 on Friday. The company’s 50 day moving average price is $10.41 and its 200-day moving average price is $10.41. Lyft has a 52 week low of $7.85 and a 52 week high of $18.36. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.78.

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 14,952 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $11.29, for a total transaction of $168,808.08. Following the completion of the sale, the director now directly owns 1,422,952 shares in the company, valued at $16,065,128.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director John Patrick Zimmer sold 14,952 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $11.29, for a total transaction of $168,808.08. Following the completion of the sale, the director now directly owns 1,422,952 shares in the company, valued at $16,065,128.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Prashant Aggarwal bought 96,900 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were purchased at an average price of $10.34 per share, with a total value of $1,001,946.00. Following the completion of the acquisition, the director now owns 971,269 shares of the company’s stock, valued at approximately $10,042,921.46. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 43,733 shares of company stock worth $486,348. Company insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of LYFT. Jacobs Levy Equity Management Inc. raised its position in shares of Lyft by 5.7% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 5,619,470 shares of the ride-sharing company’s stock valued at $59,229,000 after purchasing an additional 300,982 shares during the period. Creative Planning increased its holdings in Lyft by 31.3% in the 3rd quarter. Creative Planning now owns 17,296 shares of the ride-sharing company’s stock valued at $182,000 after acquiring an additional 4,119 shares during the last quarter. Morgan Stanley increased its holdings in Lyft by 29.1% in the 3rd quarter. Morgan Stanley now owns 5,616,086 shares of the ride-sharing company’s stock valued at $59,194,000 after acquiring an additional 1,267,124 shares during the last quarter. Toroso Investments LLC bought a new stake in Lyft in the 3rd quarter valued at $660,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Lyft by 344.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 56,623 shares of the ride-sharing company’s stock valued at $597,000 after acquiring an additional 43,889 shares during the last quarter. Hedge funds and other institutional investors own 71.63% of the company’s stock.

Analysts Set New Price Targets

LYFT has been the subject of a number of research reports. Wells Fargo & Company increased their price target on shares of Lyft from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 9th. Truist Financial increased their price target on shares of Lyft from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Thursday, November 9th. BTIG Research reissued a “neutral” rating on shares of Lyft in a research note on Tuesday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.00 price target on shares of Lyft in a research note on Tuesday, September 5th. Finally, Morgan Stanley increased their price target on shares of Lyft from $10.00 to $10.50 and gave the stock an “equal weight” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $13.29.

About Lyft

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.