Lyft (LYFT) stock soared as much as 30% Thursday as the company’s turnaround plan pushed ridership to an all-time high.

The ridesharing company posted a record 217 million rides for the quarter ended Sept. 30, up 16% from the year-ago period and ahead of the 213 million expected, according to Bloomberg consensus estimates.

Lyft’s adjusted earnings per share of $0.29 were ahead of the $0.20 forecasted, while quarterly revenue of $1.5 billion beat Wall Street’s estimate of $1.4 billion. After turning a profit for the first time in the second quarter, Lyft reported a loss of $12.4 million in the most recent period due to restructuring costs in its bikes and scooters division.

Lyft CEO David Rischer has embarked on an aggressive plan to turn the ride-hailing service profitable and take market share from Uber (UBER) since taking over in mid-2023. Lyft shares, while up 74% last year as of Thursday, are far below highs in the $60 range reached back in 2021.

The company has also struggled to emerge from Uber’s shadow, with the latter holding a 76% share of the US rideshare market. Lyft’s failure to expand beyond North America or break into the food delivery market has hindered its growth.

Risher’s plan has included sweeping layoffs to cut costs, revamping the platform’s tech stack, and most recently inking partnerships with DoorDash (DASH), as well as three autonomous vehicle companies.

“LYFT is no longer a ride-hailing pure-play with it now embarking on partnerships in food delivery and AVs,” said RBC Capital Markets analyst and Lyft bull Brad Erickson in a note to investors Thursday. Erickson is one of the smaller group of analysts tracked by Bloomberg with an Outperform rating on the stock, and he sees shares rising to $24 over the next 12 months.

Shares were up roughly 23% to $17.70 at market close.

Not all analysts are as constructive, however, with Wedbush's Scott Devitt writing, “[W]e wait for clear evidence of a more sustainable growth trajectory for the business.” Devitt has a Neutral rating on the stock with a price target of $20 per share.

“At Lyft, we envision a robust future that brings together human drivers and autonomous vehicles in an always-on transportation network,” Risher said of its expansion into the autonomous vehicle space.

On Wednesday, Lyft announced partnerships with autonomous vehicle companies as it looks to secure a foothold in the burgeoning market, adding driverless cabs to its network in Atlanta in 2025.

“Adding AVs is a huge opportunity, and we look forward to partnering with even more leaders in the industry to shape its future. Stay tuned because this is just the beginning.”