Lyft’s shares plunged to close below their IPO trading price Monday, as analysts highlighted the challenges facing the ride-hailing giant as it tries to turn a profit.
Analysts are releasing their ratings of Lyft’s shares, amplifying doubts about the money-losing San Francisco company that’s facing challenges galore.
On Monday, Lyft shares closed down 11.85 percent at $69.01 after falling as low as $67.78. The company’s shares had soared about 20 percent on their first day of trading Friday before losing steam and closing almost 9 percent higher.
Lyft went public to much fanfare last week, becoming the first tech unicorn to go IPO this year and beating its biggest competitor, Uber, to market. Besides No. 1 ride-hailing company Uber, other Bay Area companies expected to go public this year include Airbnb, Slack, Pinterest, Postmates and Palantir.
