Uber Technologies and Lyft Inc. IPOs Message Board

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Technology Stocks : Uber Technologies and Lyft Inc. IPOs

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Oct 31 9:30 AM EST

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From: Glenn Petersen	4/10/2019 12:08:55 PM
	2 Recommendations Recommended By alwaysbmiki Labrador of 266

Lyft shares drop to a new low as experts question its valuation ahead of Uber's debut Lyft shares tumbled Wednesday following skepticism around its valuation and reports that Uber will unveil its public offering Thursday. New York University professor Aswath Damodaran said on CNBC's Fast Money Tuesday that Lyft should be traded closer to $59 per share with a valuation of $15 billion, which would shave about $3 billion from its current market capitalization. Uber is expected to seek a valuation of $90 billion to $100 billion. Lauren Feiner \| @lauren_feiner Published 36 Mins Ago Updated 21 Mins Ago CNBC.com Lucy Nicholson \| Reuters The Lyft Driver Hub is seen in Los Angeles, California. Lyft shares were having their worst day yet on Wednesday as the stock tumbled 6% while investors expect New York University professor Aswath Damodaran said Lyft should be traded closer to $59 per share with a valuation of $15 billion in an interview on CNBC's Fast Money Tuesday. That would wipe about $3 billion off its $18 billion valuation as of Wednesday morning and cut its share price by about $4. "The driver is a free agent. The customer is a free agent. There is absolutely no stickiness in the business, and they know it. That's the basic problem I have with the ride-sharing business not just Lyft," Damodaran said. Damodaran's criticism of ride-hailing extended to Uber as well, but the company's valuation is expected to dwarf Lyft's, with Reuters reporting it will seek between $90 billion and $100 billion. CNBC confirmed that Uber expects to make public its IPO registration on Thursday and plans to sell about $10 billion worth of stock, making it one of the largest-ever tech IPOs. Lyft has had a tough go during its first couple weeks on the public market. The stock's IPO price was $72, but now stands around $63, down more than 9 percent in one week. -CNBC's Leslie Picker contributed to this report. cnbc.com

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