Lyft shares dropped on Wednesday after it was reported that Uber is seeking a valuation between $90 billion and $100 billion.
, was seeking a valuation of between $90 billion and $100 billion when it officially files to go public.
Uber plans to sell around $10 billion worth of stock when it officially files to go public on Thursday,Uber's new projected valuation, according to Reuters, is below that of estimates. In contrast, Lyft's market cap on Tuesday was just under $20 billion, having raised about $2.69 billion in its IPO last month.has traded in a volatile fashion since its debut, which isn't uncommon for newly minted public companies.
The stock priced at $72 a share the evening before its IPO in late March, then officially opened at $87.24 a share, thenin its first full day of trading. It's now down about 27% from its opening price, and down 11% from where the stock initially priced. Lyft analysts are concerned about the company's uncertain path to profitability and a highly competitive ride-hailing space. Regulatory uncertainties may also pose a challenge, some analysts say,"While we believe the ridesharing market will continue to grow and expect LYFT to be a prime competitor, in our view, current valuations reflect an overly optimistic view of consumer behavior in the US," said Michael Ward, an analyst at Seaport Global, in a note to clients last week.
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