5 Best Gig Economy Stocks To Buy Now

 4. Lyft, Inc. (NASDAQ:LYFT)

Number of Hedge Fund Holders: 35    

Lyft, Inc. (NASDAQ:LYFT) operates a peer-to-peer marketplace for on-demand ride sharing in the United States and Canada. It is one of the top gig economy stocks to invest in. On August 12, Tigress Financial analyst Ivan Feinseth maintained a Buy rating on Lyft, Inc. (NASDAQ:LYFT) stock and lowered the price target to $60 from $82, noting that the ongoing post-pandemic travel recovery and improving operating leverage give the firm a clearer path to profitability.

At the end of the second quarter of 2022, 35 hedge funds in the database of Insider Monkey held stakes worth $370 million in Lyft, Inc. (NASDAQ:LYFT), compared to 47 the preceding quarter worth $993.5 million.

In its Q2 2022 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Lyft, Inc. (NASDAQ:LYFT) was one of them. Here is what the fund said:

“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.”