(Bloomberg) -- Lyft Inc. shares dropped sharply at the market open on Monday, but then quickly recovered, as some early investors got their first opportunity to sell the stock.
Shares of the ride-hailing operator fell as much as 3.7% to $50.51, before gaining as much as 2.1% in New York. A block of 1.04 million in Lyft Class A shares, or about 2.6% of float, traded at a market value of $53.7 million at 9:30 a.m., according to Bloomberg data. The performance compares to the S&P 500, which rose more than 1%.
The company had estimated that about 258 million Class A shares may become eligible for sale at the market open on Monday.
To contact the reporter on this story: Esha Dey in New York at edey@bloomberg.net
To contact the editor responsible for this story: Brad Olesen at bolesen3@bloomberg.net
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