LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Lyft falls further from IPO after receiving first 'sell' rating

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Apr 02, 2019
11:45 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Lyft Inc`s stock sank further below its IPO price on Tuesday after receiving its first negative review from an analyst who is skeptical that consumers will give up car ownership in favor of relying on ride-hailing services.

Shares of the money-losing San Francisco company fell as much as 4.2 percent to $66.10 on Tuesday, their second straight session of losses after a hotly anticipated $72 initial public offer on Friday. The stock was down 2.3 percent at $67.41 early on Tuesday afternoon on the Nasdaq.

The stock`s weak performance could make investors more cautious about a string of expected public listings from Silicon Valley unicorns, including Uber Technologies Inc and Pinterest, which are also unprofitable.

Seaport Global initiated coverage of Lyft with a "sell" rating and a $42 price target, with analyst Michael Ward calling the stock`s current valuation a "leap of faith" that consumers will forego owning cars in favor of using ride-hailing services.

"Despite the optics of vehicles being an underutilized asset, we believe people will continue to own their own vehicles as primary transportation and instead rely on the ridesharing services as a convenient supplement," Ward wrote in a client note.

Another five analysts have initiated coverage of Lyft, with two of them recommending the stock and three assigning neutral ratings.

Those five analysts on average expect Lyft`s revenue to jump 60 percent to $3.45 billion in 2019, while Ward estimated 2019 revenue would reach $3.40 billion.

Lyft reported a loss of $911 million in 2018, wider than its $688 million loss in 2017, despite revenue doubling in 2018 to $2.16 billion. It has not said when it expects to become profitable.

The stock, which surged as high as $88.60 in the first few minutes after its listing on Friday before slipping steadily lower, is now trading at about 5.7 times expected annual revenue. By comparison, Alphabet Inc`s stock is currently at 4.8 times expected revenue, while Facebook Inc is at 6.5 times expected revenue.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Findbusy plans to market Pan-India going forward

Craftsman Automation IPO: Offer opening and closing date, share price band, lot size, minimum bid and more

Shilpa Shetty signs as fitness ambassador of nutrition brand

Dow vs Nasdaq: Market Guru Anil Singhvi decodes opposite trends in both US indices

PUBG Mobile India: Will the Battle Royale game make a comeback? Good news, bad news? Check latest report

PUBG Mobile Lite latest update: Season 22 end date revealed, check APK download link, Season 23 expected release and more

IRCTC Share price closes over Rs 2000 in last Session: Details highlighted for Investors

SBI share price today: Rs 37 dropped in 3 weeks; watch out for levels around 378

7th pay Commission latest news: Grab this job opportunity that offers salary up to Rs 1,77,500, DA and other allowances

Money earning tip: SBI share price to deliver more than 50% return; experts give 'shares to buy today' tag

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved