Published: April 01, 2019
Shares of Lyft tumbled Monday, trading more than 4 percent down premarket, after a mild market debut last week.
settling to a 9 percent gain. The company had a market cap of about $22 billion Friday.
Lyft’s market debut offers something of a gut check for Uber, Slack and Pinterest — all tech behemoths set to IPO this year. The company lost more than $900 million in 2018, according to its regulatory filings, and carries “too many big assumptions” for success according to analysts at Guggenheim.
Shares of Lyft were set to open below $75 Monday, more than $13 shy of its Friday intraday high of $88.60. The stock sold at an initial IPO price of $72 in an oversubscribed offering.
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