Lyft (LYFT) has leapt on its first day of trading, revealing an excitement level that is likely only eclipsed by the NCAA tournament at this point. In short, it's the biggest IPO in recent memory and the price action after the first trade bears that out plainly.
The stock has instantly jumped to near a $90 price level as investors and traders expectedly crowded into the venture-capital backed unicorn.
$Lyft IPO opens at $87.24 in trading debut after pricing at $72#IPO #lyftipo #lyft #investing
- Barkha Rani (@5iBarkha) March 29, 2019
Just as an anecdotal musing about how anticipated a big jump was, Real Money, Mad Money, and the Action Alerts PLUS team guessed what the bump would be for Lyft shares on the first trade.
Here were the guesses:
1. Zev Fima, Research Analyst for Action Alerts PLUS: $83
2. Jeff Marks, Senior Portfolio Analyst for Action Alerts PLUS: $77
3. Jim Cramer, Portfolio Manager Action Alerts PLUS: $92
4. Ari Fima, Assistant Editor for Action Alerts PLUS: $87
5. Anthony Bonsignore, Research Analyst for CNBC's Mad Money: $79
5. Benjamin Stoto, Research Director for CNBC's Mad Money: $81
6. Katie Spencer, CNBC Producer: $84
7. Heather Gaines, CNBC Producer: $81.50
Oh so close to a spot-on winner, but horseshoes and hand-grenades...
Given the ecstatic response to the offer, only eclipsed by the euphoria foreseen by the inimitable Jim Cramer, many are scratching their heads at the price.
But with the excitement and even friendly "wagering" surrounding the biggest IPO in years, perhaps the pumped up valuation on the open isn't such a surprise.
Whether or not it's too hot to handle at the moment is another question. We will certainly have more on that ahead in our Real Money Stock of the Day coverage as Lyft's move develops Friday.
If you're looking for advice on the action from none other than the Oracle of Omaha, Warren Buffett, click here.
