10 Best Electric and Autonomous Driving Stocks to Buy According to Hedge Funds

9. Lyft Inc. (NASDAQ:LYFT)

Lyft Inc. (NASDAQ:LYFT) is one of the 10 best electric and autonomous driving stocks to buy according to hedge funds.

On June 11, Lyft Inc. (NASDAQ:LYFT) announced that Baidu’s autonomous vehicles will start road testing throughout London within the coming weeks. A commercial robotaxi launch is scheduled for the second half of the year, pending vehicle inspections and official approval from UK authorities.

As part of the collaboration, Lyft will handle fleet management and customer bookings through its mobile application. Baidu will supply the vehicles along with the self-driving systems. Fares will likely match current ride prices with human drivers.

This upcoming rollout increases regional competition, as local startup Wayve plans a summer launch with Uber while Waymo intends to enter London before next year ends.

During the second week of May, RBC Capital reduced its price target for Lyft Inc. (NASDAQ:LYFT) from $22 to $18, while maintaining an Outperform rating on the stock. The firm noted that Lyft’s first-quarter results were not as strong as expected, with market bears expected to focus on organic growth trends and changes in rider promotions.

RBC Capital further highlighted that the company continues to be positioned for double-digit growth, supported by a potential path towards margin expansion, despite recent weakness in results.

Lyft Inc. (NASDAQ:LYFT) operates multimodal transportation networks in the U.S. and internationally. The company runs the Lyft Platform that connects drivers with riders through the Lyft mobile application, and also allows ridesharing. It offers advertising services, sells bikes and bike station software and hardware, and data access agreements.