Lyft has arrived.
The ride-hailing company went public Friday, surging 20 percent above its initial offering price of $72. The shares traded in the $80 to $88 range for most of the session, with more than 19 million shares traded as of noon Friday.
Market watchers are largely encouraged by Lyft’s successful opening, as it marks the first of several handful highly anticipated big tech IPOs this year, but some worry about its competitive positioning.
Here are three Wall Street experts’ takes on Lyft’s IPO:
Josh Brown, co-founder and CEO of Ritholtz Wealth Management and a CNBC contributor, called the stock’s opening action “fantastic,” though he wasn’t exactly a buyer:
“I just love that I’m talking to young investors now and they are excited about stocks, and this is part of the reason. They know this company. They use it. It’s actually friendlier to the younger generation than Uber is in terms of pricing and some of the various ways in which the app works. So I’m really, really glad that this went off without a hitch and that it’s being supported in the aftermarket. Now, does that mean you want to invest in it? No, I don’t. I think it’s a taxi company.”