Lyft 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.
Because stocks usually leap during their first day of trading, it’s not unusual to see them falter the second day, said Dan Ives, managing director at Wedbush Securities., or 21% above its IPO price. Its stock closed at $78.29, up nearly 9%.
By about 10:30 a.m. Pacific time on Monday, Lyft’s stock had fallen to $70.48 a share — down 10% for the day and down 2.1% from the IPO price. “Falling below an IPO price is a black eye,” Ives said. “When a stock falls below an IPO price on its second day of trading, that’s not good news.”path to profitability “continues to be very murky,”Ives said only a few tech companies had traded below their IPO price on their second day of trading.
In 2011, shares of streaming music firm Pandora Media Inc. plunged nearly 24% on their second day of trading to $13.26 — down more than 17% from
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