Why Lyft Stock Popped and Then Dropped Today
Shares of Lyft (NASDAQ: LYFT) were on the move today after the ride-sharing operator announced a change in management. It said that the two co-founders would relinquish their roles in day-to-day operations and David Risher, a former Amazon and Microsoft executive, would become the next CEO.
The stock initially popped on the news last night and this morning, but shares steadily fell during today's trading session. It was down 4% by 1:46 p.m. ET after Risher said the company wasn't interested in selling itself.
Lyft has struggled since its 2019 initial public offering (IPO), and the stock is down more than 80% since then. Profits failed to materialize, the pandemic dealt a significant setback to the company, and it lost market share to rival Uber more recently.
Source Fool.com
