Lyft, Inc.'s stock soared 5.03% on Tuesday during the intraday trading session, indicating renewed investor optimism in the ride-hailing company.

The stock's surge can be attributed to Lyft successfully stabilizing its business and regaining traction with new riders. The company has introduced several initiatives, such as Lyft Pass for businesses, the relaunched Lyft Pink membership program, Women+ Connect for female and non-binary riders, and Price Lock subscriptions. Additionally, Lyft's partnership with DoorDash to offer food delivery services has broadened its appeal.

Furthermore, the positive sentiment around the potential adoption of autonomous vehicles in the ride-hailing industry has buoyed Lyft's prospects. Investors are optimistic about the company's ability to benefit from the cost savings and operational efficiencies that self-driving cars could bring. The endorsement of Lyft's larger rival Uber by renowned investor Bill Ackman has also contributed to the positive sentiment spilling over to Lyft.