Lyft is one of the leading ride-sharing companies. Since Lyft kicked off operations several years ago, it has continued to grow at an astonishing pace. Today, the company is one of the most popular and sought-after stocks in the market, and many retail investors are eager to invest in it.
Today’s guide will explore how you can buy Lyft stock online, the best broker to use, and whether or not now is a good time to buy Lyft shares.
Whether you’re a seasoned investor looking to add Lyft stock to your portfolio or a first-time buyer looking for a profitable stock to invest in, today’s guide will provide you with all the information you need to make the right move.
But before we jump into the step-by-step guide to buying Lyft shares online, let’s give you some key takeaways.
Key takeaways
- Understanding the stock market: It is important to have a basic understanding of the stock market and how it works before investing in Lyft stock.
- Consider the risks: Investing in the stock market carries inherent risks, and it is important to consider them before making investment decisions.
- Do your own research: Before buying Lyft stock, it is important to research the company and its financial performance, as well as market trends and analyst opinions.
- Use a reputable broker: To buy Lyft stock online, it is important to use a reputable broker that offers a secure platform for trading and provides access to the stock.
- Diversify your portfolio: To minimize risk and maximize the potential for returns, it is a good idea to diversify your portfolio by investing in a range of stocks.
- eToro as an option: eToro is one platform that allows you to buy Lyft stock online. The article provides a step-by-step guide on how to buy Lyft stock on eToro.
A brief overview of Lyft
Lyft is a popular ride-sharing company based in San Francisco, California. Since launching in 2012, Lyft has continued to revolutionize the transportation industry, giving big players like Uber a run for their money. Since the company began operations in 2021, it has expanded its services to over 700 cities in the United States and Canada.
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What is exciting about Lyft is that it provides a reliable platform where users can connect with drivers who provide rides in their personal cars. Following its remarkable success, Lyft went public in 2019. Today, its stock is traded across multiple brokers, including NASDAQ, Fidelity, eToro, and more.
In addition to its ride-sharing services, the company also offers bike and scooter rentals. Not just that, they also have a service for booking rides for healthcare-related needs, which has become incredibly popular.
With the Lyft team channeling their energy towards innovation and sustainability, it’s no surprise that the company has continued to expand its services and stamp its presence in the transportation industry.
When did Lyft go public?
Lyft went public on March 29, 2019, in what has been dubbed one of the most successful IPOs. During its IPO, Lyft stocks were priced at $72 per share. Following its IPO, Lyft stock began trading on popular brokerage platforms, including NASDAQ, eToro, and others, under the ticker symbol LYFT.
During its initial public offering, Lyft sold a total of 32.5 million shares, raising a whopping $2.3 billion in the process.
In the days following its listing on stock brokerage platforms, the company’s stock fluctuated, experiencing a period of highs and lows.
Right now, Lyft stock is trading for $10.25 across different brokerages where it is listed.
While this might look like a significant drop for many people, the drop in the price of Lyft stock has seen many people who missed out on the IPO add the company’s stock to their investment portfolio.
Also, it is important to add that Lyft isn’t the only company performing poorly lately, as most stocks in the stock market have performed underwhelmingly following a massive sell-off that has continued to boss the market.
How has Lyft stock performed since the IPO?
Since going public in March 2019, Lyft stock has experienced a roller-coaster performance. In the months following its successful IPO, Lyft stock trended lower from its initial price of $72 per share. To put things simply, Lyft shares traded below the IPO price for much of 2019 and early 2020.
And just to add, the Covid-19 pandemic significantly impacted the performance of the company’s stock. With the widespread lockdown and massive drop in travel, the demand for ride-hailing services dropped to an all-time low. This significantly forced Lyft’s stock to edge lower. Although the company’s stock began recovering following the easing of the lockdown in the latter part of 2020, Lyft stock hasn’t fully recovered from the pandemic shock.
As of the time of putting together this post, Lyft stock was trading for a little over $10. Although this may look frustrating, especially for those who got in during the IPO, the drop in price presents an opportunity for those who missed out on the IPO to get the stock even cheaper.
Even though Lyft’s stock performance has been somewhat mixed, especially with the stock facing significant challenges in the face of a raging Covid-19 pandemic. Despite these challenges, Lyft has shown much promise and seems to be regaining some lost ground since the start of 2023.
Is now a good time to buy Lyft stock?
Wondering whether now is a good time to buy Lyft stock? Well, to be honest, it all depends on you. Despite Lyft’s stock performing underwhelmingly in the last few years, the company is showing a lot of promise. Sure, the price of Lyft stock has dropped remarkably from its IPO price, but the drop in price provides an opportunity for retail investors to get Lyft stock for a low price.
Despite being on the back foot for much of 2022, experts believe Lyft stock will make an unbelievable comeback. So if you haven’t bought some of the company’s stock yet? We suggest you add some to your portfolio now.
How to buy Lyft stock online?
Ready to add Lyft stock to your investment portfolio? Well, here is how to go about it.
Step 1: Choose a Brokerage
The first thing you need to do before buying Lyft stock online is to choose a brokerage. For those new to all this, a brokerage is a company specializing in buying and selling stocks on behalf of its customers.
While there are many brokers to choose from, keep in mind that each brokerage offers different services and fees.
Before choosing a brokerage to do business with, here are some factors you should consider:
- Fees: Different brokerages have fees they charge for their services. To get the best deal, it’s best to opt for a broker that offers competitive fees. While some brokerages charge customers transaction fees, others charge monthly or annual fees. At the end of the day, you want a broker that offers the best deal.
- Services: Another thing you want to consider before opting for a broker is their services. While some brokers offer their customers investment advice, others offer customers access to powerful resources and research tools.
- Platforms: Always choose a broker that has a trading platform that is not only easy to use but also meets your needs.
Some of the top brokerages where you can seamlessly buy Lyft stock online include:
- eToro
- Fidelity
- Robinhood
- Admiral Markets
- Charles Schwab.
Step 2: Open an Account
After deciding on the broker you want to do business with, the next thing you want to do is open an account. The seamless process typically requires you to fill out an application form with your basic information. During the account opening process, you’ll be required to provide basic information like your name, home address, email address, Social Security number, and more.
Some brokers even require users to provide proof of identity, such as a passport or a government-issued ID. With some brokers, you may even need to provide proof of residency, such as utility bills or bank statements.
Step 3: Fund Your Account
After successfully opening an account with your preferred broker, the next step is to have the account funded. You can do this by either transferring funds from your bank account or using a credit or debit card, depending on what works for you.
With your account funded, you can now buy Lyft stock.
Step 4: Buy Lyft Stock
Having funded your account, you are set to buy Lyft stock. The process is easy and hassle-free. To buy Lyft stock, all you need to do is place your order via the brokerage’s platform.
When buying Lyft stock, you’ll need to specify the following:
- The stock symbol for Lyft: LYFT
- The amount of Lyft stock you want to add to your portfolio
- The amount you’re willing to pay for each stock
- The order type you’re interested in (e.g., limit order, market order)
For those who are new to investing in stock, a market order is a type of order where you buy or sell stock at the prevailing market price. On the flip side, a limit order is a type of order where you buy or sell stock at a predetermined price.
Step 5: Monitor Your Investment
After buying Lyft stock, you still need to keep an eye on your investment. This will typically entail tracking Lyft’s stock price and the company’s overall performance. A good way to stay updated about the company’s activities is to either use your brokerage platform or use third-party tools and resources, including financial news platforms and stock market tracking apps.
How to buy Lyft stock on eToro
If you are interested in buying Lyft stock, eToro is one option you may consider. Here are the steps to buy Lyft stock on eToro:
- Open an account: To buy Lyft stock on eToro, you will first need to open an account. You can sign up for an account on eToro’s website, where you will be prompted to provide basic personal information, including your name, email address, and phone number. You will also be required to upload a copy of your government-issued ID to verify your identity.
- Fund your account: Once you have opened an account, you will need to fund it before you can start trading. You can deposit funds into your account using various methods, including credit/debit cards, bank transfers, and e-wallets such as PayPal.
- Search for Lyft stock: To buy Lyft stock, you will need to find the stock on eToro’s platform. You can search for the stock using the search bar at the top of the screen, or you can browse through the available stocks using the platform’s asset categories.
- Place an order: Once you have found the Lyft stock, you can place an order to buy shares. To do this, you will need to specify the number of shares you want to purchase and the price you are willing to pay. eToro offers several types of orders, including market orders and limit orders, which you can choose from depending on your investment strategy.
- Review and confirm your order: Before your order is executed, you will be able to review the details of your purchase, including the total cost and the number of shares you are buying. Once you are satisfied with the details, you can confirm your order, and eToro will execute the trade on your behalf.
Frequently Asked Questions
Can I buy Lyft stock directly from the company?
No, you cannot buy Lyft stock directly from the company. To buy Lyft stock, you must go through a brokerage firm that specializes in buying and selling stocks on behalf of its clients.
Is it safe to buy Lyft stock online?
Yes, it is generally safe to buy Lyft stock online as long as you choose a reputable and regulated brokerage firm. It is important to do your research and choose a broker that is insured and has a solid reputation for security.
How do I know if Lyft stock is a good investment?
Investing in Lyft shares can be a good investment, but there are no guarantees. It is important to do your research and consider factors such as the company’s financial performance, the state of the overall market, and the company’s competitors. It is also important to consider your own financial goals and risk tolerance.
How much does it cost to buy Lyft stock?
The cost of buying Lyft shares will depend on several factors, including the number of shares you want to buy, the price of the stock at the time of your purchase, and any fees charged by your brokerage firm. Make sure to compare the fees charged by different brokers to find the one that offers the best deal.
Conclusion
Buying Lyft shares online is a relatively simple and straightforward process. By following the steps outlined in this guide, you can easily invest in one of the market’s most popular and sought-after stocks.
Whether you are a seasoned investor or a first-time buyer, today’s guide has provided you with the information you need to make an informed decision.
We hope you found this article helpful.
