A recommendation from Wedbush Securities has helped Lyft Inc. (LYFT) gain positive momentum this week. The rebound in social activity post-COVID-19 could ensure Lyft’s return to sales growth.
LYFT’s performance has been positive over the past year. Over the past year, the stock has gone up by 311.71%. While in the past six months, it has gone up by 115.24%. Currently, LYFT is performing at 34.04% quarterly, and it rose by 13.72% from the previous month. Weekly, the performance is now 5.36%.
Over 109 million Americans have been covered with vaccinations since December 2020, 21% of the population. By summer, all Americans will have been vaccinated. Today the vaccination rate is very high: 2.4% vaccinated per day.
Demand for Lyft’s services could potentially recover as a result. Lyft Inc. (LYFT) experienced cutbacks in costs during COVID-19, deeming the strategy an advantage. Lyft’s profitability has improved, and as a result, it is now more appealing to investors. Lyft makes more money on every trip. The recovery might be faster than expected, but Wedbush believes that it’s slowing. Benefetsiarom has become many companies, including Uber Technologies Inc. (NYSE: UBER) and Lyft. The most significant growth period is predicted to occur during spring and early summer when many tourists travel.
Based on that data, Wedbush named Lyft as one of the “best ideas” and increased its price target to $85, whereas it had previously been $72.
Transportation as a service remains one of the most attractive areas of digital transformation. Personal car ownership is already less appealing to a more significant number of young people than in 1980, and the advent of robotic cars will further accelerate the transition to TaaS.