Shares of recently listed Lyft Inc fell to a fresh low and closed the day down a...
FILE PHOTO: Lyft supporters gather for the Lyft IPO as the company lists its shares on the Nasdaq in the first-ever ride-hailing initial public offering, in Los Angeles, California, U.S., March 29, 2019. REUTERS/Mike Blake/File Photo
In ride-hailing company Lyft’s ninth day of trading its shares clocked their lowest closing price since going public on March 29. And the $60.12 close was 16.5 percent below Lyft’s final IPO price of $72 and even under the low end of its initial price target range of $62 to $68. “It’s not a coincidence that the day before Uber was expected to make a filing that investors are immediately contrasting it to Lyft and Lyft looks less attractive,” said Matt Moscardi, analyst at MSCI in Boston.
It could also work in Uber’s favor that it is now expected to seek a valuation of $90 billion to $100 billion, below the $120 billion investment bankers previously told the company it could be worth, according to the Reuters report.
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