Uber made a comeback in 2023. The transportation and delivery platform now sports a market capitalization of $165 billion, making it one of the largest businesses in the world. Investors have heaped praise on the company and its new management team.

But it seems like they forgot about the second player in ridesharing: (NASDAQ: LYFT). Lyft stock has underperformed since going public as it racked up operating losses. But after bringing in a new CEO from Amazon and trimming its operating expenses, the company has begun to inch its way to profitability.

The stock has reacted in kind, with shares up 32% just so far in 2024, and is now sitting at just above $18. Should you buy Lyft stock now? Let's dive in and see.

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Source Fool.com