What a difference a week makes. Lyft Inc has gone from IPO darling to short sell...
NEW YORK - What a difference a week makes. Lyft Inc has gone from IPO darling to short sellers’ best friend.
More than 38 percent of Lyft’s 32.5 million publicly listed shares, valued at $856 million, were sold short by the end of Tuesday’s session, according to data from S3 Partners. S3 did not disclose Wednesday’s levels. Lyft raised $2.34 billion in its IPO. On Monday, Lyft’s second trading day, the stock opened lower and quickly lost ground, ending down 11.9 percent and below its $72 per share IPO price.
Tuesday was the first day short sellers could borrow shares in Lyft, the same day the company received its first “sell” rating from Wall Street. By Wednesday afternoon, borrowing fees for Lyft shares had more than halved, but it was the most expensive stock to short in that group. “For Lyft to have that many shares on loan with that fee is notable,” IHS Markit analyst Sam Pierson said. “For an IPO there’s a lot of demand up front, but even within that framework this is fairly high.”
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