5 Best Beaten Down Stocks to Buy Now

4. Lyft, Inc. (NASDAQ:LYFT)

Number of Hedge Fund Holders: 37

YTD Stock Price Performance: -60%

Lyft, Inc. (NASDAQ:LYFT) is a San Francisco, California-based ride-hailing and food delivery service provider.

Itay Michaeli at Citi assigned Lyft, Inc. (NASDAQ:LYFT) stock a Buy rating with a target price of $45 in a report published on December 5. There is a widespread belief amongst experts that Lyft, Inc. (NASDAQ:LYFT) had a strong October in terms of sales, and the current economic downturn has already been priced into the stock. Furthermore, the Street is bullish on the stock as it believes the company can emerge as a stronger entity with a laid-out plan to achieve higher profitability. The risk and reward profile for Lyft, Inc. (NASDAQ:LYFT) is skewed towards reward from the current depressed levels.

As of Q3 2022, Lyft, Inc. (NASDAQ:LYFT) was held by 37 hedge funds.