Lyft’s shares have turned positive after a rocky second day of trading, still below IPO price.
Shares of Lyft were slightly positive in early morning trading Tuesday after initially dropping 3.5 percent as the stock enters its third day on the public market. But the shares were still trading below their IPO price of $72. Trading volume for Lyft was high, and the stock bounced between positive and negative territory throughout the morning.
Analyst skepticism sent the stock down as much as 4 percent in premarket trading Tuesday, with Seaport Global Securities initiating coverage of the stock with a sell rating and 12-month price target of $42 per share. Lyft's stumble may be troubling to some investors, but based on previous tech stock debuts, it's too early to tell what this first week will mean for the stock. Snap debuted in 2017 with a $24 billion valuation, but has slid to just $15 billion. Twitter's market capitalization has not changed much since its market debut in 2013, which was about $25 billion at the end of its first day of trading. Today, it's market value is about $25.7 billion.
Lyft's rapid growth fueled by private funds could leave little room for new stockholders to gain from its public offering. Dropbox, similarly, went public last year with a market value of $8.2 billion and is now around $8.8 billion with its shares little changed from their $21 IPO price.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lyft raises IPO price range ahead of Friday IPOLyft raised its expected price range to $70 to $72 per share, according to an amended S-1.
Read more »
Lyft IPO: 5 things to know about the ride-hailing company ahead of its IPOLyft Inc. appears poised to beat rival Uber Technologies Inc. to an initial public offering, and that’s important for a number of reasons.
Read more »
Lyft Shares Open at $87.24, Up 21% from IPO Price of $72Lyft’s shares jumped 21% in their stock-trading debut, as investors gobbled up the first public opportunity to buy into the future of ride hailing. The $87.24 opening price gives Lyft a valuation of roughly $30 billion.
Read more »
Lyft to Price Shares Above Targeted Range of $62 to $68 in IPOLyft is expected to price its shares above the targeted range for its initial public offering, in a sign of strong investor demand ahead of the ride-hailing service’s debut.
Read more »
Lyft shares fall again as analyst says buying the IPO here is 'leap of faith'Shares of Lyft fell for a second straight day after an analyst raised concern over the ride-hailing company's valuation.
Read more »
Lyft raises IPO price target as investor fret over missing outLyft Inc on Wednesday raised the price range for its initial public offering, as...
Read more »
Lyft stock drops 10%, falling below IPO priceLyft Inc. shares tumbled 10% on Monday morning, dropping below their IPO price of $72 in a rough second day of trading for the San Francisco ride-hailing firm.
Read more »
Lyft plunges below IPO price, sending cautionary message to other unicorns“This is a technical black eye,” one analyst says.“Investors will not forget.'
Read more »
Lyft stock drops more than 11%, falling below IPO priceLyft Inc. shares tumbled more than 11% Monday, dropping below their IPO price of $72 in a rough second day of trading for the San Francisco ride-hailing firm.
Read more »