The Latest: Roller coaster ride as Lyft’s stock falls
NEW YORK (AP) — The Latest on Lyft’s falling stock price (all times local):
Ride-hailing giant Lyft’s stock has fallen below its IPO price of $72 and is languishing at around $68.
That’s a sharp turnaround from its debut when the stock price jumped 21% to $87.24 on Friday.
There wasn’t any bad news released by the company, and investors don’t know a whole lot more about Lyft’s financial picture than they did when the stock first started trading.
Some analysts say the roller coaster ride will probably continue.
Other high-profile companies such as Facebook, Twitter and Snap had strong initial trading days but then saw their stock prices fall substantially over the next few months.
Shares in the ride-haling company Lyft, the hottest new public stock offering in years, are falling sharply for a second consecutive day.
The stock surged in its initial day of trading Friday, but they’ve been hammered this week.
Before the opening bell Tuesday, shares are down another 5% after falling 12% Monday, the first full day of trading in company shares. That plunge put the stock below the public offering price of $72.
Shares fell below $66 in electronic trading Tuesday.
The ride-hailing company has consistently lost money, raising doubts about its overall valuation. Even so, investors have been wowed by the company’s growth in the past two years and some have bet big on its potential.