5 Stocks Jim Cramer Is Recommending

2. Lyft, Inc. (NASDAQ: LYFT)

Number of Hedge Fund Holders: 60 

Lyft, Inc. (NASDAQ: LYFT) is placed second on our list of 10 stocks Jim Cramer is recommending. The company owns and operates a marketplace for ridesharing. It is headquartered in California. In response to a question about the company on a lightning round of his show earlier this week, Cramer said that he preferred Lyft over rival Uber because of the better second quarter performance from the company. However, he also said that this was a speculative segment for investing. Here is what he said:

“I actually think that Lyft had a better quarter than Uber, so I would go with Lyft, but that is a very speculative segment, just so you know. Speculative segment.”

On August 5, investment advisory Citi maintained a Buy rating on Lyft, Inc. (NASDAQ: LYFT) stock and raised the price target to $88 from $80, noting that the firm had delivered a strong second quarter and earnings power had significantly improved.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Alkeon Capital Management is a leading shareholder in Lyft, Inc. (NASDAQ: LYFT) with 5 million shares worth more than $321 million. 

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Lyft, Inc. (NASDAQ: LYFT) was one of them. Here is what the fund said:

“New purchase Lyft, the No. 2 U.S. rideshare operator, is exclusively focused on the secular growth opportunity in the rideshare market and stands to be a direct economic reopening beneficiary. The company made tremendous progress on margins during 2020 and improved its ability to meet long-term targets. Lyft is also leveraged to the eventual transition to autonomous driving.”