, Lyft fell to its lowest level up until that point as analysts expressed concerns about competition., Uber is much larger than Lyft. Uber is shooting for a valuation as high as $90 billion, while Lyft debuted near $24 billion.
While the first tally for borrowed shares came in at 9.4 million in early April, that amount has increased by 7.5 million to 16.9 million, according to an IHS Markit analysis., according to Markit's analysis of borrowing activity and associated fees. Borrowing costs have come down significantly, however, so that's no longer the case.
"This is typical for IPOs, what was really notable about LYFT was how high the fee was for the first day, however over first few days it declined dramatically," Sam Pierson, the director of securities finance at IHS Markit, said in an email on Friday.Ride-hailing companies are new to the public markets, and analysts accustomed to comparing newly public companies to existing peers have expressed difficulty with the task.
"In our view, valuation is the toughest task with LYFT," said Michael Ward, a Seaport Global analyst, who has the sole"sell" rating on Wall Street.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Forbes - 🏆 394. / 53 Read more »
Source: CNBC - 🏆 12. / 72 Read more »