ALF Stock: The Huge Uber-Lyft Deal Sending Alfi Shares Skyrocketing Today

Alfi (NASDAQ:ALF) stock is rocketing higher on Tuesday after announcing a deal that will bring its services to Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT).

Uber and Lyft signs in a car window.

Source: Daniel Dror / Shutterstock.com

Alfi has signed a contract with All-Niter that covers the “fulfillment, staging and shipment” of 10,000 tablets that will make their way to Uber and Lyft drivers. These tablets will be used to display ads to passengers through the company’s AI enterprise SaaS platform.

According to a press release, the Alfi platform is able to accurately display ads to customers based on age, gender, and other factors. It does this while still managing to remain compliant with privacy standards.

The idea here is that this system benefits both drivers at Uber and Lyft while also doing the same for advertisers. That’s because advertisers get to show off their goods and services while the drivers earn extra income by having the tablets in their vehicles.

Florentino Diaz, project manager of Alfi states, said this about the news boosting ALF stock up today.

“We have a massive operation unfolding in Miami today with hundreds of Ubers and Lyfts installing Alfi tablets. It’s an epic event and marks the start of our nationwide rollout. What’s most rewarding, is we can help rideshare drivers increase their income and help create employment opportunities with community outreach programs for students.”

ALF stock is experiencing heavy trading today on this news. As of this writing, more than 80 million shares of the stock have changed hands. For perspective, that’s well above the company’s daily average trading volume of about 3.5 million shares.

ALF stock was up 74.5% as of Tuesday morning and is up 104.5% since the start of the year.

Of course, it isn’t just Alfi that is seeing shares of its stock take off today.

Plenty of other companies are also on the rise. That’s especially true with the meme stock rally still in effect. A few examples this morning include ContextLogic (NASDAQ:WISH), Torchlight Energy Resources (NASDAQ:TRCH), and Petco Health and Wellness (NASDAQ:WOOF). You can get up to speed on that at the links below.

More Tuesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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