What's Going On Lyft Stock Monday?

Lyft, Inc LYFT stock traded higher Monday amid reports of the ride-hailing company exploring strategic alternatives for its bikes division.

The company is looking to sell its fleet or forge a partnership with an investor that infuses cash into the division, the Wall Street Journal cites familiar sources. 

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It wants the prospective buyer or investor to continue to list the two-wheelers on its app to save riders from facing significant changes. 

New Yorkers took over 114,000 rides daily in June through Lyft-owned Citi Bikes. However, maintaining the fleet is an expensive logistical undertaking and a distraction from the company's core business.

Since taking charge as Lyft's CEO three months ago, David Risher has downsized by hundreds, launched new features for riders and drivers, and mandated that employees return to the office to salvage the company's market share. Although, analysts say bikes are a good driver of volume.

Lyft succeeded in winning back some market share from Uber Technologies, Inc UBER partly by using the money it saved from the latest layoffs to cut ride prices and bring them in line with Uber's.

Robert Mollins, an analyst at Gordon Haskett Research Advisors, had hailed Risher's initiatives.

Price Action: LYFT shares traded higher by 1.40% at $11.58 on the last check Monday.

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