Should You Sell Lyft (LYFT)?

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned -22.47%, Advisor Class fund APDMX posted a return of -22.43%, and Institutional Class fund APHMX returned -22.40%, compared to a return of -21.07% for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners discussed stocks like Lyft, Inc. (NASDAQ:LYFT) in the second quarter 2022 investor letter. Headquartered in San Francisco, California, Lyft, Inc. (NASDAQ:LYFT) operates as a ride-sharing company. On September 27, 2022, Lyft, Inc. (NASDAQ:LYFT) stock closed at $14.16 per share. One-month return of Lyft, Inc. (NASDAQ:LYFT) was -3.80% and its shares lost 73.86% of their value over the last 52 weeks. Lyft, Inc. (NASDAQ:LYFT) has a market capitalization of $4.995 billion.

Here is what Artisan Partners specifically said about Lyft, Inc. (NASDAQ:LYFT) in its Q2 2022 investor letter:

Lyft, Inc. (NASDAQ:LYFT), the second-largest ride-hailing company in the US, connects riders and drivers over a mobile app. When we began our GardenSM campaign, our thesis was based on a likely strong ridership recovery post-pandemic, as well as management’s growing focus on increasing profitability after years of heavy investment. While the company has made some progress on margins as the economy has re-opened, driver shortages and fuel inflation have disrupted that progress. Given uncertainty around when these cost pressures could abate, we exited our position.

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Lyft, Inc. (NASDAQ:LYFT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Lyft, Inc. (NASDAQ:LYFT) at the end of the second quarter which was 47 in the previous quarter.

We discussed Lyft, Inc. (NASDAQ:LYFT) in another article and shared the list of stocks to buy before the bull market begins. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.