Latest news with #Lyft
Yahoo
a day ago
- General
- Yahoo
Lyft driver carjacked by 2 early morning riders: Akron police
AKRON, Ohio (WJW) — Akron Police Department detectives are searching for two suspects after a Lyft driver was reportedly robbed of their vehicle early Sunday morning. Police were called to the area of 700 block of Garth Avenue for reports of a robbery around 3:15 a.m. Local Lyft driver says man opened fire on her vehicle: police Upon arrival, the spoke to a 32-year-old Lyft driver who said he picked up two male passengers on 25th Street SW, and then picked up two females along the way. As they got closer to where they were supposed to be dropped off, one of the males reportedly took out a gun and told the driver to pull over and get out of the car. The two females were told to exit as well. VIDEO: Shootout with police near University of Akron The driver told police the two males then drove off with the Lyft driver's Honda Civic. Detectives were able to track down the vehicle, but it was found abandoned on the 800 block of Kickapoo Avenue. Those who may have information regarding the carjacking are asked to reach out to Akron detectives at 330-375-2490. Anonymous tips can be made to Summit County Crimestoppers at 330-434-COPS Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
3 days ago
- Business
- Yahoo
Prediction: Lyft Stock Could Double in the Next 3 Years
Lyft's business has improved significantly over the last three years. The ride-share company is expanding into Europe with its recently announced acquisition of FreeNow. It continues to add new features like Lyft Silver. 10 stocks we like better than Lyft › Lyft (NASDAQ: LYFT) has had a tough time on the public markets. Share prices of the ridesharing company, which has long been in the shadow of the larger Uber Technologies (NYSE: UBER), are down 77% since its IPO in 2019. Both ridesharing stocks were overpriced when they went public, and both tumbled when the pandemic started, but since then, their performances have diverged. Uber stock has soared as the company has brought costs under control and delivered steady growth, reinforcing its competitive advantages. Based on its weak stock performance, you might expect to hear that Lyft lagged behind Uber in growth, but that isn't the case. Its revenue growth has been faster than Uber's over the last year. Lyft has now reported 16 straight quarters of double-digit percentage gross bookings growth. It made strides on the bottom line as well. Last year, it reported a generally accepted accounting principles (GAAP) profit for the first time. In 2025's first quarter, Lyft reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $106.5 million, which was nearly double what it booked a year before. Lyft also reported free cash flow over the last four quarters of $919.9 million due in part to a large increase in insurance reserves. With Lyft's market cap at less than $7 billion, the stock trades for less than 8 times trailing free cash flow. That's one good reason to bet that Lyft can double over the next three years. Let's take a look at a couple of others. Unlike Uber, Lyft has historically only operated in North America, but the company made a big move in April, paying $200 million to acquire FreeNow, a ride-share platform in Europe that was owned by BMW and Mercedes-Benz. The move essentially doubles Lyft's addressable market by giving it exposure to nine countries and more than 150 cities. The deal, which is expected to close in the second half of the year, should increase the company's annualized gross bookings by about $1 billion. That's less than 10% of Lyft's current gross bookings, but the growth opportunity is what's most valuable here. Additionally, FreeNow's revenue increased 13% in 2024, and the operation has reached break-even. FreeNow will continue to operate under its own brand, but Lyft plans to roll out new benefits for riders and drivers and integrate the apps so that riders can use either one in North America or Europe. Lyft also continues to improve its service with new features and innovations. For example, it just rolled out Lyft Silver, a feature directed at older riders that makes the app easier to use and makes customer service more readily available. The goal is to more effectively appeal to a market that's soon to reach 70 million Americans. Currently, the over-65 demographic makes up just 5% of Lyft rides. The company also introduced Price Lock, a feature that allows customers to lock in their prices for regular commutes for a small fee, rather than risking a jump from surge pricing, or "prime time" pricing, as Lyft calls it. And it rolled out a new AI earnings assistant for drivers that's designed to help them maximize the value of their time on the road. Overall, Lyft has growth opportunities thanks to the acquisition of Freeform and its track record of innovation, which has allowed it to take market share from Uber at times. The stock is also trading at an attractive price-to-sales ratio of just above 1, and its low free cash flow ratio is setting it up to buy back shares, which could give a boost to the stock price over the long term. If the company can maintain its growth rate and improve its profitability, doubling in the next three years seems achievable for the stock. Before you buy stock in Lyft, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Lyft wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $638,985!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $853,108!* Now, it's worth noting Stock Advisor's total average return is 978% — a market-crushing outperformance compared to 171% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool recommends Bayerische Motoren Werke Aktiengesellschaft. The Motley Fool has a disclosure policy. Prediction: Lyft Stock Could Double in the Next 3 Years was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
3 days ago
- Automotive
- CNBC
Lyft is starting to make some right moves with urging from activist Engine Capital. What's next
Lyft (LYFT) is a multimodal transportation network in the United States and Canada. It offers access to a variety of transportation options through its platform and mobile-based applications. The Lyft Platform provides a marketplace where drivers can be matched with riders via the Lyft App, where it operates as a transportation network company. Transportation options through its platform and mobile-based applications are substantially comprised of its ridesharing marketplace that connects drivers and riders in cities across the United States and in certain cities in Canada, Lyft's network of bikes and scooters, and the Express Drive program, where drivers can enter into short-term rental agreements with its subsidiary, Flexdrive Services, LLC or a third party for vehicles that may be used to provide ridesharing services on the Lyft Platform. It makes the ridesharing marketplace available to organizations through Lyft Business offerings, such as the Concierge and Lyft Pass programs. Stock Market Value: $6.86 billion ($16.26 per share) Percentage Ownership: 0.81% Average Cost: N/A Activist Commentary: Engine Capital is an experienced activist investor led by Managing Partner Arnaud Ajdler, former partner and senior managing director at Crescendo Partners. Engine's history is to send letters and/or nominate directors but settle rather quickly. On March 25, Engine announced a position in Lyft and stated that they are calling for a strategic review, improved capital allocations and the elimination of the company's dual-class share structure. On April 16, Engine nominated two directors for election to the Board at the 2025 annual meeting, but ultimately withdrew those nominations following productive engagement with the company that led to several capital allocation initiatives, including the company committing to significant share repurchases in the coming quarters. Since David Risher took control as CEO of Lyft in 2023, Lyft has made some major improvements, streamlining operations, enhancing platform functionality, and expanding market presence. These have led to notable material enhancements in the company's operational and financial performance. From 2023 to 2024, revenue increased by 31.39%, EBITDA went from a negative$359.1 million to $27.3 million and free cash flow (FCF) increased from negative $248.06 million to $766.27 million, the latter two of which are in the green for the first time since its IPO. Despite these improvements, Lyft's share price decreased by 30% over the same period. There are a few factors that may help explain the company's current undervaluation. First is the industry's dynamics as Lyft operates in a duopoly with Uber in the rideshare market. In the US, Uber holds approximately 75% percent of the market while Lyft holds 24% with the rest controlled by niche areas (i.e. Curb, Alto, and Waymo). The company is in an inherently difficult strategic position due to Uber's dominance — while Lyft is only in the US and Canada, Uber is diversified across most global markets and has expanded into other synergetic areas like food and alcohol delivery. This makes Lyft particularly vulnerable to Uber's decisions regarding pricing and promotions, as management noted during the company's most recent earnings call. The market has sensed this situation, with Lyft's shares underperforming compared to Uber by 37%, 287%, and 210% over the past 1-, 3- and 5-year periods, respectively. Second to this is Lyft's suboptimal capital allocation practices. The company has experienced excessive share dilution. Since 2019, Lyft's shares outstanding have almost doubled. Currently, dilution is primarily caused by the company's stock-based compensation (SBC) practices, which are currently around $330 million annually, 4.9% of Lyft's market cap. Enter Engine, who is calling for a strategic review, improved capital allocation practices and the elimination of the company's dual-class share structure. These proposals are all worth evaluating. First, there are a few reasons why a strategic review, specifically a potential strategic acquisition, makes sense. As has been already discussed, one of, if not the largest challenge Lyft faces is their inability to scale and diversify at the pace of Uber. As the rideshare industry continues to grow and evolve, this will only become increasingly important to Lyft's potential long-term success. It seems like the most effective way to overcome this is to be either sold to or merged with a larger strategic entity that can give Lyft the scale and diversification it needs to compete with Uber. Large players in the food delivery or automotive industry make sense as potential acquirers. For example, Doordash, with a roughly $80 billion market cap, could easily afford Lyft, has synergies to better optimize both platforms, a global presence, and would create more revenue stream options for drivers. On the other hand, automative companies testing the rideshare autonomous vehicle industry like Google (Waymo) and Amazon (Zoox), which is potentially the next technological evolution in the rideshare space, also make sense as acquirers. Given Lyft's depressed valuation (EV to 2026 consensus EBITDA multiple of approximately 6.6x), recent growth, and large number of potential synergies, a large takeout premium is certainly possible here. Secondly, the company clearly needs to improve its capital allocation practices. While Lyft recently announced a $500 million buyback program, this is not even sufficient to counter the dilution over the next two years due to current SBC practices. With $2 billion of cash (approximately $700 million of net cash) and the company dramatically increasing their FCF, it appears that Lyft has the ability to much more aggressively repurchase shares to do more than just counter SBC dilution. Lastly, as a corporate governance investor, Engine will propose eliminating the dual-class structure. Originally set up to give control to the founders, this structure now seems unnecessary since co-founders John Zimmer and Logan Green are no longer involved in day-to-day operations. These preferred shares carry 20 votes per share, which give them 30.8% of the total voting power while owning only approximately 2.3% of outstanding shares. Eliminating the dual-class share structure makes complete sense, is the right thing to do and would be supported by the vast majority of shareholders. However, there is virtually no way that Zimmer and Green will voluntarily give up this control position. As an experienced activist investor Ajdler knows that, but also as an experienced activist investor, he has to try. But at the very least, the Company can refine the board to reflect the changes over the past six years since its IPO – seven of the ten current directors have no public company experience other than Lyft - the Board has a lean towards directors with experience in startup companies or early-stage investments. While this background may have once been valuable, that is not where Lyft is as a Company anymore. A refreshment of these directors for people with public market, capital allocation and capital markets expertise, would better position the Company for what it is today. After launching a proxy fight for two board seats, this campaign came to a head when Engine withdrew their director nominations on May 8. This withdrawal came following the company's public announcement to increase its share repurchase authorization to $750 million and commit to utilize $200 million of such authorization over the next three months and $500 million within the next 12 months.
Yahoo
4 days ago
- Business
- Yahoo
How To Make an Extra $6K a Month (It's as Easy as Riding a Bike)
If you live in New York, you've probably heard of Citi Bikes. It's an immensely popular bike-sharing program by Lyft that operates throughout Brooklyn, Manhattan, Queens, Hoboken and Jersey City. Read More: Find Out: The official website claims it's 'the best way to get around.' Considering there are plans to expand to 36,000 bikes and more than 2,000 Citi Bike stations in 2025, this might not be that far off base. Citi Bikes is more than the area's 'official bike share program.' It's also touted as a fun — and affordable — alternative to taxis, walking, and the whole public transit system. It's accessible, convenient and, for some people, a great way to earn additional income every month. Citi Bikes might not have been intended as a side hustle, but it's certainly become that way for the dedicated few who know how to game the system. The New York Times even called it 'the perfect New York hustle, a scam of subtle perfection. The way it works is simple: Borrow a Citi Bike. Ride it a block — just one. Wait about 15 minutes. Ride it back to where you started. As for earning money, that part's a little more complicated. Citi Bike's goal is to offer seamless pickup and drop-off of its bikes — but things don't always go as planned. Sometimes, someone going to work doesn't have a place to leave their bike when they arrive. Others can't find a bike when they need one during their lunch break or have errands to run with no time to waste. Read Next: However, the program costs roughly $220 a year, and subscribers are none too happy with paying that much only to find no available bikes. That's why Citi Bike started introducing various tactics and incentives to get bikes where they're most needed. One such program, introduced in 2016, is Bike Angels. This program essentially allows Citi Biker subscribers to move bikes themselves in exchange for points. After earning enough points, they can redeem them for a variety of things — from swag to membership discounts to gift cards. Some New Yorkers — later dubbed Power Angels — got so into this that they started competing with one another to win the most points. Here are just a few ways to earn points: 4 points for taking a bike from a full station 4 points for docking a bike at an empty station 3x points for moving 4+ bikes within 24 hours Each ride can earn as many as 24 points, which translates to a maximum of $4.80 per ride (with the 3x points). Cutting ahead a few years, these 'Power Angels' discovered how to game the system, analyzing the algorithm to see where they could earn the most and maximize those financial benefits. By working together, they found a way to exploit the system — called 'station flipping' — and make some pretty good money. Here's just one account of how, back in August 2024, seven Bike Angels made money riding bikes: Each one used a special blue key (awarded by Citi Bike) to unlock a bike at a docking station. They then rode it one block, docked it, ran back to their starting point to unlock another bike, and repeated the cycle. Knowing Lyft's algorithm resets every 15 minutes (meaning new point values get awarded for each bike move), the Angels created a system in which one station would be totally full while the other (just one block away) would be empty. Viewing the empty docks as being in high-demand, the algorithm offered $4.80 per bike returned to the empty station. The riders then changed direction (each riding their bikes from the full station to the empty one), earning the maximum incentive per ride. As far as side hustles go, it's inventive, but not without its challenges. That said, one particular Bike Angel, known as Tommy, was said to have earned around $60,000 in 2023 by flipping bikes. In the early part of September, another Angel (username: NS143) earned roughly $3,800 or 19,394 points. Most don't earn nearly that much, perhaps enough to pay some bills, and taxes still have to be paid. But all in all? For those who are dedicated and willing to put in the work, it's not a bad hustle. More From GOBankingRates 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Sources 'Mayor Adams Announces Major Expansion of Citi Bike Service in Outer Boroughs as Ridership Continues to Soar' The New York Times, 'The Hustlers Who Make $6,000 a Month by Gaming Citi Bikes' Citi Bike NYC, 'Citi Bike Annual Membership | Citi Bike NYC' This article originally appeared on How To Make an Extra $6K a Month (It's as Easy as Riding a Bike) Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Pennsylvania legislators propose tax on ride services like Uber & Lyft
HARRISBURG, Pa. (WHTM) — Two Pennsylvania legislators are formally introducing a bill that would establish a new tax on ride services such as Uber and Lyft. According to a news release, State Representatives Aerion Abney (D-Allegheny County) and Jessica Benham (D-Allegheny County) are formally introducing a bill that would help fund Pennsylvania's transit systems. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now The 'Transit for All PA' Funding Package, which has been introduced as H.B.s 1523 and 1524, would provide a dedicated funding source to PRT and transit agencies across the Keystone State. According to lawmakers, the legislation includes the following: Raising the state's rental car fee from $2 to $6.50 Increasing the car lease fee from 3% to 5% Establishing a 6% exercise tax on ride-hailing services such as Uber and Lyft Specifically, the lawmakers say the package builds on Governor Josh Shapiro's budget proposal to increase the allocation of existing sales taxes to public transit. 'Public transit is a lifeline for our communities,' Rep. Benham said. 'Our legislative package will provide the necessary funding to keep Allegheny moving, connecting people to work, school and entertainment, while keeping fewer cars on the road. We need our colleagues to recognize the importance of funding transit sufficiently in this budget.' With the increased stream of revenue, it is believed that transit systems across Pennsylvania would be able to stabilize their budgets, move beyond current austerity measures, and better serve the needs of riders. It is important to note that Pennsylvania's car rental and lease fees have not been increased in over 30 years and are currently among the lowest in the nation. There is also no existing statewide tax on ride hailing services. 'Pennsylvanians deserve a public transportation system that is safe, reliable and accessible,' Rep. Abney, D-Allegheny said. 'As significant service cuts are being proposed for our public transit agencies, we're exploring every possible avenue with legislation like this to secure more dollars and ensure residents can continue getting to where they need to be.' abc27 news will keep you updated as more information becomes available. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
