[NEWS] Lyft slips below IPO price on second day of trading – Loganspace AI

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[NEWS] Lyft slips below IPO price on second day of trading – Loganspace AI


FILE PHOTO: The Lyft designate is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) – Shares of hump-hailing company Lyft Inc fell as mighty as 10.5 percent on Monday, below its initial public offering put of $72.

The company debuted on Nasdaq on Friday, opening at $87.24, over 21 percent above its IPO put.

Brokerage Guggenheim Securities started coverage on the stock with a ‘neutral’ rating, citing lack of visibility on the sprint to profitability.

Shares of the company had been shopping and selling down about 9.5 percent at $70.81.

Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur