Lyft Inc's stock sank further below its IPO price on Tuesday after receivin...
FILE PHOTO: Signage for Lyft is seen displayed at the NASDAQ MarketSite in Times Square in celebration of its initial public offering on the NASDAQ Stock Market in New York, U.S., March 29, 2019. REUTERS/Shannon Stapleton/File Photo
Shares of the money-losing San Francisco company fell as much as 4.2 percent to $66.10 on Tuesday, their second straight session of losses after a hotly anticipated $72 initial public offer on Friday. The stock was down 2.3 percent at $67.41 early on Tuesday afternoon on the Nasdaq. Seaport Global initiated coverage of Lyft with a “sell” rating and a $42 price target, with analyst Michael Ward calling the stock’s current valuation a “leap of faith” that consumers will forego owning cars in favor of using ride-hailing services.
Another five analysts have initiated coverage of Lyft, with two of them recommending the stock and three assigning neutral ratings.
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