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Lyft Falls Below IPO Price in Midday Trading

Published 04/01/2019, 11:10 AM
Updated 04/01/2019, 11:15 AM
© Reuters.

© Reuters.

Investing.com - The starstruck excitement of the gig economy may be short-lived as ride-sharing company Lyft (NASDAQ:LYFT) fell nearly 10% in midday trading Monday.

The steep decline caused the company to fall below its initial public offering price of $72, just one trading day after it went public.

The company opened at $87.24 on the Nasdaq on Friday, 21% above its IPO price.

Lyft was the first of a number of gig-economy companies planning to go public this year, with Uber and Pinterest expected to debut next.

Still, the two big ride-sharing companies have yet to make a profit, rising concern about their ability to sustain momentum in the long term.

Latest comments

the people that got in early made a quick flip
honestly, who didn't see this coming?
The people who bought in lol
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