We recently issued an updated report on Lyft, Inc. (LYFT Quick QuoteLYFT - Free Report) . Factors likestrong rise in Active Riders and acquisition of Halo Cars are impressive.

Lyft, which competes with Uber (UBER Quick QuoteUBER - Free Report) in the ride-hailing market, has been towel served by the growth in Active Riders. Evidently, total revenues soared 68% in 2019 backed by a double digit growth in revenue. With the uptrend in Active Riders anticipated to continue, the company expects first-quarter revenues between $1,055 million and $1,060 million. The top line figure indicates year-over-year surge of 36-37%. The company's decision to stick to the first-quarter 2020 outlook despite coronavirus woes is an added positive.

Lyft, Inc. Price

Lyft, Inc. price | Lyft, Inc. Quote

With each passing day, the market for driverless or self-driving cars is gaining prominence. Lyft aims to become a key player in this space. To this end, on Jun 27, 2019, Lyft announced that it has entered into a partnership with Waymo — a subsidiary of Alphabet. Further, we are positive about the company’s recent acquisition of Halo Cars.

Zacks Rank and Other Stocks to consider

Currently, Lyft sports a Zacks Rank #1 (Strong Buy)

Investors interested in the Zacks Computer and Technology sector may also consider Avid Technology, Inc. and Akamai Technologies, Inc. (AKAM Quick QuoteAKAM - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term (three to five years) expected earnings per share growth rate for Avid Technology  and Akamai Technologies is pegged at 15%and 12%, respectively.

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