Shares of Lyft Inc. dropped sharply Monday, falling below their IPO price on their second day of trading.
Shares of Lyft Inc. dropped sharply Monday, falling below their IPO price on their second day of trading on the Nasdaq Stock Market.
The second-day swoon is the first blemish on an otherwise smooth initial public offering. The ride-hailing company priced its shares at $72 last week, above initial expectations of $62 to $68. Then shares jumped 8.7% to $78.29 on Friday, their first day of trading.
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Lyft falls below IPO price on its second day of tradingShares of Lyft traded as low as $69.12 a share on Monday, its second day of trading. That's more than 20 percent below its Friday intraday high of $88.60.
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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.
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Stock futures edge higher | China makes unprecedented proposals | Lyft to price sharesU.S. stocks are limping to the finish ahead of the final two trading days of March.
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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.
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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.
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An investor once told Lyft's founders he was 'not sure about this carpool thing'An investor once told Lyft's founders he was 'not sure about this carpool thing' via CNBCMakeIt
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Lyft to investors: We'll get to 20% margins...somedayLyft is expected to price its shares above the target range for its initial public offering, which is expected on Friday.
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