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A Lyft Scooter is seen parked in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid
(Reuters) – Shares of ride-hailing company Lyft Inc fell as much as 10.5 percent on Monday, below its initial public offering price of $72.
The company debuted on Nasdaq on Friday, opening at $87.24, over 21 percent above its IPO price.
Brokerage Guggenheim Securities started coverage on the stock with a ‘neutral’ rating, citing lack of visibility on the path to profitability.
Shares of the company were trading down about 9.5 percent at $70.81.
Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur
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