Lyft was volatile in Tuesday trading.
Shares fell as much as 3% Tuesday after swinging between gains and losses for most of the morning. On Monday — its first full day of trading on the Nasdaq —And in its trading debut on Friday,Analysts are generally concerned about Lyft's uncertain, as well as the competition Uber poses once it hits the public market. Other ride-sharing players throw more uncertainty into the mix.
Michael Ward, an analyst at Seaport Global, became the latest analyst to voice a cautious view on the name on Tuesday. He initiated his coverage with a"sell" rating. "While we believe the ridesharing market will continue to grow and expect LYFT to be a prime competitor, in our view, current valuations reflect an overly optimistic view of consumer behavior in the US," said Ward.Now read more Lyft coverage from Markets Insider and Business Insider:
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