15 Hot Tech Stocks to Buy Right Now

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6. Lyft Inc. (NASDAQ:LYFT)

Upside Potential: 35%

Number of Hedge Funds: 51

Lyft Inc. (NASDAQ:LYFT) operates a ride-sharing platform in cities across the United States and select cities in Canada, offering multimodal transportation services through its mobile app. The company connects drivers with riders, providing a variety of services, including standard rides, shared rides, and Lyft XL for larger groups.

Lyft Inc. (NASDAQ:LYFT) has established a strong brand presence, focusing on affordability, safety, reliability, efficiency, and community engagement. The company is also investing in autonomous vehicle technology and expanding its bike and scooter sharing services. Lyft is well-positioned to benefit from the ongoing shift towards shared mobility as consumers increasingly seek convenient and cost-effective transportation solutions. Its strategic partnerships with various businesses to promote sustainable transportation options, such as electric vehicles, present significant growth opportunities. In November, the company announced plans to partner with Mobileye, May Mobility, and Nexar for multiple autonomous vehicle (AV) partnerships to connect the Lyft community with future AV rides. On these plans, David Risher, CEO of Lyft, stated:

“Lyft’s aim is to connect AVs, drivers, riders, and partners to create new opportunities for all. Our rideshare network will continue to evolve as millions of people will have the opportunity to earn billions of dollars whether they choose to drive, put their AVs into service, or both.”

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