Lyft is blowing a gasket in its 1st week as a public company
NEW YORK (AP) — Shares in the ride-haling company Lyft, the hottest new public stock offering in years, are falling sharply for a second consecutive day.
The stock surged in its initial day of trading Friday, but they’ve been hammered this week.
Before the opening bell Tuesday, shares are down another 5% after falling 12% Monday, the first full day of trading in company shares. That plunge put the stock below the public offering price of $72.
Shares fell below $66 in electronic trading Tuesday.
The ride-hailing company has consistently lost money, raising doubts about its overall valuation. Even so, investors have been wowed by the company’s growth in the past two years and some have bet big on its potential.