Lyft stock was volatile Tuesday, the day after the shares dropped below their initial public offering price, as more skeptics emerged on Wall Street.
Lyft Inc. stock was volatile Tuesday, the day after the shares dropped below their initial public offering price, as more skeptics emerged on Wall Street.
Investors in the ride-hailing service “need to take a big leap of faith” to justify its current valuation, Seaport Global analyst Michael Ward told clients as he gave Lyft its first “sell” rating. The current valuation reflects an “overly optimistic view of consumer behavior” in the United States and expectations that millennials will forgo owning cars, Ward said. His price target on the stock is $42, or 39% below the last closing price.Lyft shares fell as much as 4.
Seaport’s Ward expects millennials and future generations will continue to own vehicles as primary transportation and rely on ride-sharing services as a convenient supplement. Short sellers are expected to start circling soon. As long investors exit the stock, short interest should steadily increase as more and more shares become available. Early indicators are pointing to strong demand from short sellers, according to Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.
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