5 Best All-Time Low Stocks To Buy Now

2. Lyft, Inc. (NASDAQ:LYFT)

Number of Hedge Fund Holders: 37

Lyft, Inc. (NASDAQ:LYFT) is one of the most notable ride-hailing services in the world. In November, the stock fell to its all-time lows after several market analysts downgraded the stock following Lyft, Inc. (NASDAQ:LYFT)’s disappointing quarterly results. Evercore ISI team led by Mark Mahaney decreased its price target on Lyft, Inc. (NASDAQ:LYFT) from $41 to $18 per share and downgraded the stock to In-Line from Outperform. Evercore said in a note to investors that they prefer Uber over Lyft and highlighted that Lyft lost 1% market share to Uber. The stock analysis firm also warned of a demand slump in 2023.

As of the end of the third quarter, 37 hedge funds tracked by Insider Monkey reported having stakes in Lyft, Inc. (NASDAQ:LYFT), compared to 35 funds in the previous quarter. This shows a positive hedge fund sentiment around the stock.

Here is what Artisan Partners specifically said about Lyft, Inc. (NASDAQ:LYFT) in its Q2 2022 investor letter:

“Lyft, Inc. (NASDAQ:LYFT), the second-largest ride-hailing company in the US, connects riders and drivers over a mobile app. When we began our GardenSM campaign, our thesis was based on a likely strong ridership recovery post-pandemic, as well as management’s growing focus on increasing profitability after years of heavy investment. While the company has made some progress on margins as the economy has re-opened, driver shortages and fuel inflation have disrupted that progress. Given uncertainty around when these cost pressures could abate, we exited our position.”