Why Lyft Soared 22% in April
Shares of Lyft (NASDAQ: LYFT) soared 22.3% during April, according to data from S&P Global Market Intelligence. That was enough to send the stock from about $27 per share to $33 per share.
April's strong stock gain comes on the heels of a dreadful March when Lyft shares tanked 29.6% from $38 per share to $27 per share due to the panic over COVID-19.
The company has been fairly quiet about how its business has been faring lately, but it's been widely reported that the ridesharing business -- whether Lyft or Uber Technologies -- is doing dreadfully right now. Tech industry website The Information reported Lyft's ride-hailing business was down 80% year over year at one point but had improved to being down 75%.
Source Fool.com
