Why Lyft Tanked 23% in the First Half of 2020

Shares of Lyft (NASDAQ: LYFT) tanked 23.3% in the first half of 2020, according to data from S&P Global Market Intelligence, taking the stock from $43 per share to $33 per share.

The ride was rougher than that for Lyft shareholders. The stock dropped to as low as $16 per share in mid-March before rebounding strongly as fear subsided a bit.

Demand for ridesharing began to fall off a cliff in March due to the COVID-19 pandemic. Commuters stopped commuting via ride-hailing, and more people were staying home overall.

Source Fool.com