Lyft shares skid below IPO price in first full trading day
ASSOCIATED PRESS/ 2018
In this photo, a Lyft logo is installed on a Lyft driver’s car in Pittsburgh. Lyft’s stock fell 10 percent in trading today just one day after the company went public.
NEW YORK >> Lyft’s shares have slumped almost 12% in their first full day of trading following the ride-hailing company’s initial public offering of stock.
The shares closed today down $9.28 at $69.01. That’s below the San Francisco-based company’s IPO price of $72.
In their stock market debut Friday, the shares hit $88.60, up 21%, before giving ground by the end of the day.
The ride-hailing company has consistently lost money, raising doubts about its overall valuation. Even so, some investors were wowed by the company’s growth in the past two years.
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