10 Best Gig Economy Stocks To Buy

6. Lyft, Inc. (NASDAQ:LYFT)

Number of Hedge Fund Holders: 53

Lyft, Inc. (NASDAQ:LYFT) is a passenger ground transportation company that operates a peer-to-peer marketplace for ride-hailing and ride-sharing. It is based in San Francisco, California.

Like other ride-hailing players, Lyft, Inc. (NASDAQ:LYFT) works tirelessly to connect drivers to passengers. With growing passenger demand, companies like this one are starting to rake in profits. In the second quarter, Lyft, Inc. (NASDAQ:LYFT) reported an increase in its number of active riders of 20% and a record number of rides on its platform – 205 million, also up 15% year-over-year.

Because of these beneficial trends, Lyft, Inc. (NASDAQ:LYFT) saw revenue for the quarter rise by 41% year-over-year. The only major challenge that the company seems to be facing right now – and it’s a big one – is the existence of bigger competitors like Uber. While Lyft, Inc. (NASDAQ:LYFT) has a strong presence in North America, Uber has a greater global footprint and operates in more than 70 countries.

Despite this, Lyft, Inc. (NASDAQ:LYFT) is expected to accelerate its EPS by 22% in 2025. Many investors believe that as long as the company maximizes the opportunities present in the areas where it does have control, it should be good to go.

There were 53 hedge funds long Lyft, Inc. (NASDAQ:LYFT) in the second quarter, with a total stake value of $744.9 million.