Jim Cramer breaks down how investors 'can view the sell-off as a buying opportunity, not a calamity.'
"Honestly, even under $20, I'm not even sure if I want to buy it after we heard from management last night," Cramer said.peaked north of $88 the first day it went public in March. The stock tanked to $47 in May and has recovered some of those losses by Wednesday's close at $62.30. Cramer said he would buy shares below $75, but there was less demand on the market than he projected.
"As [Winston] Churchill might say, 'Not my finest hour.' In retrospect, I have a lot of concerns about the sustainability of the business and Lyft's slowing growth," Cramer said. "There are better places to put your money.", which is a play on digital trading, went public in April and has seen a 31% gain, Cramer said. The stock finished Wednesday's session below $48.
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