“This is a technical black eye,” one analyst says.“Investors will not forget.'
Lyft hit the open market Friday at $72 a share, climbing 9 percent to close at $78.79. On Monday, the ride-hailing company's stock reversed course and fell below its IPO price. By Thomas Heath Thomas Heath Local business reporter and columnist, writing about entrepreneurs and companies in the Washington metropolitan area Email Bio Follow April 1 at 12:48 PM Lyft came back to earth on its second day of trading.
Lyft’s two-day performance offers a sobering lesson on the risks of jumping in on the opening trading day of a hot company. Lyft is the first in a wave of highly anticipated, so-called “unicorn” companies that are expected to hit the public markets this year. Uber Technologies, Pinterest, Slack, Airbnb and Palantir Technologies are among the big names being teed up to go public.
Snap, on the other hand, hit the open market two years ago at $17 a share. The stock surged 44 percent the first day. A year later, the shares were up 6 percent. Snap was selling for $11 on Monday.
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