Lyft (LYFT) Drops 4.8% as Investors Done Pricing In New Market Entry

Lyft, Inc. (NASDAQ:LYFT) is one of the 10 Stocks That Investors Are Dumping.

Lyft dropped its share prices by 4.8 percent on Wednesday to end at $15.66 each as investors unloaded positions amid the lack of catalysts to support investing appetite, while already pricing in its recent entry into the Puerto Rican market.

Earlier this week, Lyft, Inc. (NASDAQ:LYFT) announced the official launch of its ride-sharing service in Puerto Rico as part of its expansion plans in North America and Europe.

The company began recruiting drivers late in May, promising $100 bonuses to those who could complete 50 rides in the first month in San Juan.

“There’s obviously a deep connection between many folks who are in the mainland United States who have connections in Puerto Rico,” said Lyft, Inc. (NASDAQ:LYFT) EVP Jeremy Bird, who is overseeing driver experience and the company’s international expansion.

According to Bird, there is a strong demand for the company’s services from locals and tourists from places like New York and Chicago.

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Disclosure: None. This article is originally published at Insider Monkey.