Why Shares of Lyft Are Soaring This Week

Since the close of trading last Friday, shares of the ride-hailing company (NASDAQ: LYFT) have traded nearly 19% higher as of 11:34 a.m. ET Friday. During the week, Lyft announced a partnership with the autonomous vehicle maker Waymo, received several price target increases from Wall Street analysts, and got some potentially good news on the legislative front in California.

Earlier this week, Lyft announced a partnership with Waymo for the company's upcoming Nashville launch. By 2026, riders will be able to hail Waymo vehicles through the Lyft app. Additionally, a subsidiary of Lyft will manage Waymo's Nashville fleet, including vehicle maintenance, infrastructure, and depot operations. Waymo has long been partnered with Lyft's rival , so this shows that Lyft may also be able to tap into the autonomous trade, which has driven Uber's stock to all-time highs this year.

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Source Fool.com