Lyft Pumps The Brakes 🚲

by | 15 Apr, 2019

Lyft Pumps The Brakes

Lyft has been thrown back into the spotlight after its disappointing IPO performance thanks to a number of complaints about the braking systems on several thousand of its electric bicycles. Ouch!

Riders had reportedly experienced stronger than expected braking force on the front wheel of the bikes, increasing the risk of going over the handlebars. Lyft assured investors that there were very few incidents and the 3,000 bicycle recall was simply made out of “an abundance of caution”. 

Bike share brand, Citi Bike, Capital Bikeshare and Ford GoBike, have all been affected by the recall, leaving areas of New York and Washington D.C. in the dark until Lyft releases its fleet again. Beware the angry power-walking New Yorkers!

Lyft has plummeted a whopping 25.60% since its over-hyped IPO at the start of the month as investors punished the company that has yet to see a single cent in profit. Analysts are still unsure how they feel about the company that came to market with a valuation north of $20bn and almost $911 million in debt. 

Many big name investment houses have slapped Lyft with hold ratings and price targets ranging from as low as $42 to some as high as $71. For now the jury is out on the matter, but the majority of sentiment remains with the bears. 

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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