Shares of Lyft traded as low as $69.12 a share on Monday, its second day of trading. That's more than 20 percent below its Friday intraday high of $88.60.
Shares of Lyft sank as much as 11 percent Monday, falling below the stock's IPO price in its second day of trading on the public market.
"Falling below its IPO price is a gut punch for investors and Lyft," Wedbush managing director Dan Ives said in a statement to CNBC."This is a pivotal few weeks of trading ahead to gauge Street demand for the name as valuation and profitability continue to be the wild cards for tech investors."
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