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Uber Tanks More Than 10%, Falling Below $38 Per Share

Author:
Eray Bekir
Investors

Uber closed down more than 10% to below $38 a share Monday, its second trading day as a public company following its disappointing debut on Friday.

Uber began trading at $42 per share but dropped 7.6% on its first day on the New York Stock Exchange on Friday. To be sure, the last two days have been volatile for the U.S. stock market amid a breakdown in trade talks with China. Major U.S. indexes dropped more than 2% on Monday.

Uber priced its shares toward the low end of its target range of $44 to $50 per share on the eve of its debut. This share price gave the company a market valuation of $75.46 billion, which well below the $120 billion it was reportedly seeking when news first broke it was preparing to go public.

Many investors looked to Uber’s ride-hailing competition Lyft on the heels of Uber’s debut. Lyft stock is down almost 33% since it went public in March.

In an interview with CNBC’s Andrew Ross Sorkin that aired Friday, Uber CEO Dara Khosrowshahi said Lyft’s performance “led us to be a bit more conservative.”

Source: www.cnbc.com

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.