Nierenberg Investment Management Company, Inc. disclosed a significant purchase of Lyft (LYFT 1.74%) shares in its November 12, 2025, SEC filing, massively raising its stake in the rideshare company.
What happened
According to a November 12, 2025, Securities and Exchange Commission (SEC) filing, Nierenberg Investment Management Company, Inc. added 771,000 shares of Lyft during the third quarter. The resulting position, valued at $17.91 million as of September 30, 2025, represents an increase of 1,812% in the firm’s exposure to the ride-hailing company.
What else to know
- The fund increased its Lyft stake, which now equals 7.65% of total reportable U.S. equity assets
Top holdings after the filing:
- NASDAQ: PBPB: $50,788,811 (21.70% of AUM)
- NYSE: EQT: $29,212,200 (12.48% of AUM)
- NASDAQ: COO: $26,585,046 (11.36% of AUM)
- NASDAQ: LYFT: $17,906,346 (7.65% of AUM)
- NASDAQ: RVSB: $10,916,002 (4.66% of AUM)
- As of November 11, 2025, Lyft shares were priced at $24.18, up 30.07% over the past year, outperforming the S&P 500 by 21.80 percentage points
- Investors should note that Potbelly's position converted to cash when the company was acquired by RaceTrac on October 23, 2025.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-11) | $24.18 |
| Market Capitalization | $9.66 billion |
| Revenue (TTM) | $6.27 billion |
| Net Income (TTM) | $150.7 million |
Company Snapshot
- Offers a multimodal transportation platform including ridesharing, car rentals, shared bikes and scooters, and integration with public transit data.
- Generates revenue primarily by connecting drivers and riders through its marketplace, with additional income from rentals, subscription plans, and enterprise transportation solutions.
- Serves individual riders, organizations, and institutions across the United States and Canada seeking on-demand and flexible mobility options.
Lyft, Inc. operates a large-scale peer-to-peer transportation network, leveraging technology to provide diverse mobility solutions in North America. The company’s strategy centers on expanding access to on-demand rides, multimodal travel, and enterprise mobility services, positioning itself as a key player in the evolving urban transportation landscape. Lyft’s competitive edge lies in its integrated platform, broad service offerings, and focus on user experience and convenience.
Foolish take
Nierenberg’s addition of Lyft was the fund’s largest acquisition in Q3, both in terms of percentage increase in a position and capital invested. In Q2, it only held 42,555 shares, so raising the position to 813,555 shares is almost certainly a hugely bullish sign.
As previously mentioned, it was Nierenberg’s 4th largest position in Q3. In Q4, it could also become the third-largest position due to the buyout of Potbelly by privately-held RaceTrac, which closed on October 23.
Nierenberg also owned more than 10% of Potbelly’s shares when it traded, making it likely it knew about RaceTrac’s interest in Potbelly early. That could also mean that buying Lyft stock was a way to reinvest some of that capital.
Additionally, Lyft has appeared increasingly attractive as it and its larger rival Uber have pivoted into autonomous driving. Lyft plans to offer autonomous rides of its own in select markets, and it will likely drive considerable revenue by helping other self-driving companies book rides in their cars.
NASDAQ: LYFT
Key Data Points
Nierenberg may have also bought Lyft for its improving valuation. Although its P/E ratio is 56, a forward P/E of 17 speaks to its rapidly improving profitability.
Admittedly, Nierenberg holds 56 stocks across a variety of industries, so this is far from an all-in bet on autonomous driving. Nonetheless, as self-driving vehicles become more prevalent, it appears increasingly likely that both Lyft and shareholders like Nierenberg will benefit.
Glossary
13F: A quarterly SEC filing by institutional investment managers disclosing their equity holdings.
Assets Under Management (AUM): The total market value of investments managed by a fund or investment firm.
Stake: The portion of ownership or investment a person or institution holds in a company.
Holding: A specific security or asset owned within an investment portfolio.
Outperforming: Achieving a higher return than a specific benchmark or index over a given period.
Multimodal transportation platform: A system offering multiple types of transportation services, such as ridesharing, bikes, and scooters, through one platform.
Peer-to-peer transportation network: A service connecting individual drivers directly with riders, typically via a digital platform.
Exposure: The degree to which an investor or fund is affected by changes in the value of a particular asset or sector.
Quarter: A three-month period used by companies for financial reporting and analysis.
TTM: The 12-month period ending with the most recent quarterly report.
