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Uber and Lyft Stocks Hit Record Low

It’s been a year for tech IPOs. Between less-than-stellar debuts for popular companies like Uber and SmileDirectClub, and WeWork’s IPO being shelved, there’s been a lot to write about.

Today, both Uber and Lyft’s stocks reached their lowest prices since they began trading earlier this year. Uber’s stock hit a low of $28.65 before closing at $29.15, while Lyft hit $38.68 and closed at $39.57.

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The companies are down 39 percent and 56 percent, respectively, from their all-time highs. Lyft went public in March and priced at $72 per share and saw its stock surge when it began trading on the public market. Its stock closed 9 percent higher than its IPO price. It went on to reach a high of $88.60 before retreating.

Uber, on the other hand, made its public debut on the New York Stock Exchange in May, and closed its first day of trading lower than its already disappointing IPO price. The company had priced at $45 per share, but started trading at $42 apiece.

Uber’s market cap is now at $49.6 billion and Lyft is at $11.6 billion, according to Yahoo Finance. The two companies were worth a maximum of $72 billion and $15.1 billion respectively according to private investors, before they went public.

Context

In other buzzy startup IPO news, high-end fitness company Peloton’s stock is down about 10 percent after its public debut last week. The company priced its shares at $29 each, at the top of its range, but opened nearly 7 percent lower than its IPO price on its first day of trading. It ended its first day of trading about 11 percent lower than its IPO price.

Today Peloton closed at $22.51 per share.

Today is merely a snapshot for any trading company. But the picture developed by some companies expected to be the hottest debuts of 2019, the day’s results underline how not everything you snap comes out looking like you expected.

Illustration Credit: Li-Anne Dias

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