Why Lyft Stock Jumped Today
Shares of Lyft (NASDAQ: LYFT) have jumped today, up by 10% as of 1 p.m. EDT, after the company said ridesharing demand has started to rebound. Rides increased 26% in May compared to April.
Rides in May were still down 70% compared to a year ago, but investors are optimistic that the worst may be in the rearview mirror. As COVID-19-related lockdown orders ease, demand has steadily recovered each week for the past seven consecutive weeks, the company said. Rides are increasing across cities that are starting to lift restrictions, such as Austin, Las Vegas, Miami, Denver, and Seattle, among others.
Image source: Lyft.
Source Fool.com
