FILE PHOTO: The Lyft emblem is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File Photo
(Reuters) – Shares of ride-hailing firm Lyft Inc fell as a lot as 10.5 % on Monday, below its preliminary public providing price of $72.
The firm debuted on Nasdaq on Friday, opening at $87.24, over 21 % above its IPO price.
Brokerage Guggenheim Securities began protection on the inventory with a ‘neutral’ score, citing lack of visibility on the trail to profitability.
Shares of the corporate had been trading down about 9.5 % at $70.81.
Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur