Lyft shares tumble after tough week of trading
Ride-sharing company Lyft saw its share price fall to a fresh low today as Wall Street caution continued to loom large weeks on from the firm's initial float.
Read more: Lyft's brutal debut set to push down Uber IPO price
The group’s share price has plunged more than five per cent this afternoon, adding to a 20 per cent drop in its value last week.
Shares in the group hit a new low on Wall Street as the value fell to just over $56, marking more than a 30 per cent drop from its opening price of $87.24 when the firm listed late last month.
The torrid spell of trading for Lyft comes as investors gear up for the eagerly-anticipated float of rival Uber, which officially filed to go public last week in a move that could see the firm seek a valuation of between $90bn (£68bn) to $100bn.
Late last week analysts at Wedbush Securities, who gave Lyft a neutral rating with a 12-month price target of $80, wrote: "We believe there could be continued pressure on Lyft shares while investors wait for Uber’s roadshow and dig further into the full financial metrics."
Read more: Lyft shares hit new lows on reports of record Uber float
The news came on the same day as Lyft removed thousands of its electric bikes from three US cities after riders complained of faulty brakes.