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Shorts line up for a Lyft ride despite surge pricing | The Mighty 790 KFGO

NEW YORK (Reuters) – What a difference a week makes. Lyft Inc has gone from IPO darling to short sellers’ best friend.

Investors have ramped up bets against Lyft, which went public in an IPO priced on Thursday at the top of its already-elevated target range, even as borrowing fees became the most expensive in the market for shares in the ride-hailing service.

More than 38 percent of Lyft’s 32.5 million publicly listed shares, valued at $856 million, were sold short by the end of Tuesday’s session, according to data from S3 Partners. S3 did not disclose Wednesday’s levels. Lyft raised $2.34 billion in its IPO.

In comparison, short-selling in Snap Inc, which was famously popular among shorts after its 2017 market debut, did not exceed 20 percent of its float until 10 weeks after its initial public offering.

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Shorts line up for a Lyft ride despite surge pricing | News | The Mighty 790 KFGO.

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