Why Lyft Stock Dropped 20% Last Month

Shares of Lyft (NASDAQ: LYFT) decelerated again last month, losing 20% according to data from S&P Global Market Intelligence. The company actually delighted investors with its second-quarter earnings report, but that was not enough to buck the tide in the market against high-priced IPO stocks like Lyft and rival Uber (NYSE: UBER). Additionally, investors balked as the We Company, the parent of WeWork, filed for its IPO, putting further pressure on Uber and Lyft.

As you can see from the chart below, it was an eventful month for Lyft stock, which moved up and down several times, but in the end finished down 20% for the month of August.

Source Fool.com