Why Lyft Skyrocketed 67% in November

Shares of Lyft (NASDAQ: LYFT) skyrocketed 67.2% in November, according to data from S&P Global Market Intelligence. That move sent the ride-hailing stock from $23 per share to $38 during the month.

For context, Lyft shares are still down 11% for the year through November but were down more than 60% during the March lows due to the COVID-19 pandemic.

The big news for Lyft in November was the passage of the Proposition 22 ballot initiative in California. Prop. 22, as it's become known, gives certain gig economy companies an exemption from California's AB5 law. Essentially, AB5 would have required companies like Lyft and ride-hailing competitor Uber to treat the independent contractors that use its platform -- the drivers -- as employees and give them full benefits.

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Source Fool.com