As the coronavirus recovery proceeds, Lyft stock, like competitor Uber stock, is seeking to rediscover its footing. Long-term prospects for ride-sharing and self-driving automobiles appear promising. However, the epidemic caused a significant drop in consumer demand. Is Lyft a good investment right now?

Ridership is improving, thanks to vaccines that are helping to open up the economy. A deal with Ford to deliver a fleet of self-driving cars to the streets by the end of 2021 lifted shares slightly. Despite this, Lyft and its competitor Uber have an unclear future due to shifting customer behaviors.

In mid-December, Lyft announced that it will expand its services to include food delivery. The ride-hailing behemoth is teaming up with online ordering platform Olo to deliver restaurant food using its drivers. Lyft has no intentions to segregate its newest service from the rest of the app, as Uber has done with Uber Eats. Instead, customers will be charged a delivery fee for each delivery order.

Lyft's venture into food delivery follows a slew of other collaboration announcements as the ridesharing company tries to break even. The ride-sharing business said in July that it has reached an agreement with Ford and Argo AI to add autonomous vehicles to its fleet by the end of 2021.

The company's Q3 earnings beat gave Lyft shares a lift in early November. On Nov. 2, the ride-hailing behemoth posted adjusted earnings of 5 cents per share on $864.4 million in revenue. This outperformed Wall Street expectations, which predicted Lyft would lose 2 cents on $863 million in sales. Lyft's income increased by 73% year over year as more people used the service. More drivers were also returning to the platform, according to the firm. Year over year, the number of available drivers increased by 45 percent. In recent months, both Lyft and Uber have experienced driver shortages. As a result of the supply scarcity, ride-share app prices have skyrocketed.

While all this seems positive to the recovery of the stock, take note that Lyft's stock is still trading at a discount to its IPO price of 72. It has improved since November 2020, yet it is still on the decline.

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