In fact, I mentioned that Friday's close above the IPO price (the first time it closed above that price since the day of the IPO) the fact that it couldn't hold on to that rally, I thought that meant the stock looked even weaker, technically.
And we got a big follow through today. Lyft sank about 11%, it closed near the lows of the day, 60.12. In fact, we did trade as low as 59.75 on the closing minutes of trading.
We're now down about 32% from the opening print, after it went IPO on that day.
We're 17-18% below the IPO price. If you happen to get the IPO price and you still have the stock, you're almost in a bear market from that purchase price.
- Source, Peter Schiff
