Lyft Sees Rides Increasing Every Week Through the End of the Year By Investing.com

Lyft Sees Rides Increasing Every Week Through the End of the Year

Stock MarketsMar 18, 2021 12:36PM ET

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Lyft Sees Rides Increasing Every Week Through the End of the Year

By Christiana Sciaudone

Investing.com -- Lyft (NASDAQ:LYFT) got a boost as we reintegrate into society.

The ride-hailing company reported that last week was its biggest since March 2020, with ride volume reaching a record for the year. On Wednesday, for the first time in 12 months, Lyft saw positive year-over-year growth in daily rideshare ride volume. It expects volume to grow in excess of 100% next week, with growth expected to continue every week through the end of 2021, the company said in a blog post.

More than 110 million shots have been administered in the U.S., and cases, deaths and hospitalizations have been dropping, prompting people to start returning to the world, in person.

Lyft is trading at its highest in almost two years, closing in on its 2019 IPO price of $72. Revenue has plummeted through the pandemic after hitting $1 billion in the quarter ended in December 2019.

Rival Uber (NYSE:UBER) is up 1.42%. It had reported mobility bookings down 47% for the fourth quarter compared to a year earlier. On the upside, Uber saw delivery bookings jump 128% in that time, the company said in a statement last month.

Yesterday, Wedbush raised the price target on Lyft to $85 from $72 on better profitability and more revenue per rider in the future, according to StreetInsider. The analyst reiterated a buy-equivalent rating on the stock as "Lyft is on the cusp of seeing a 'springboard of consumer demand.'"

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