10 Best High Short Interest Stocks to Buy Now

7. LYFT Inc. (NASDAQ:LYFT)

Short % of Float As of April 16: 11.91%

Number of Hedge Fund Holders: 55

LYFT Inc. (NASDAQ:LYFT) operates a peer-to-peer marketplace for on-demand ridesharing in the US and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. It provides a ridesharing marketplace, a car rental program for drivers, and a network of shared bikes & scooters.

In 2024, the company’s Ridesharing segment achieved all-time highs in rides, riders, and driver hours. This success propelled Lyft to its highest market share since 2022 by the end of January of the following year. In Q4, Lyft recorded its highest number of driver hours in company history, which was driven by improved driver retention and earnings. In total, drivers earned ~$9 billion on the platform in 2024.

The company’s commitment to improving the ridesharing experience is evident in features like the on-time pickup promise and the expansion of Women+ Connect, which has facilitated more than 50 million rides. A Q4 survey indicated that driver preference for LYFT Inc. (NASDAQ:LYFT) was 16% higher than its largest competitor. Lyft is also forming partnerships to further grow its ridesharing segment. For instance, the DoorDash partnership supported ~8 million rides in Q4 2024.