In early August LYFT Inc (LYFT) surprised the market by announcing that its pre-IPO lockups would expire one month earlier than planned. On August 19th 258 million shares of LYFT stock would be eligible to be sold and the market braced for a wave of long selling that would negatively affect LYFTâ€™s stock price. In actuality, the effect was minimal, with LYFTâ€™s stock price only falling by 2.40%, although the stock is down 12.76% since the August 7th announcement date.
Uber Technologies Inc (UBER) and Lyft Inc (LYFT) shares prices had been strengthening recently, but after UBER reported a larger than expected $5.24 billion second quarter loss, both stocks are down for the day. UBER and LYFT are the largest shorts in the domestic Trucking Sector and todayâ€™s performance will certainly increase the amount of short selling in both stocks.
Short interest in the two recently IPOâ€™ed ride hailing and sharing services, Lyft Inc (LYFT) and Uber Technologies (UBER), total almost $2 billion and they hold the top two spots in the U.S. trucking sector. LYFT sits atop the trucking league table with $1.06 billion in short interest while UBER, which IPOâ€™ed less than two weeks ago, trailing slightly behind at $926 million.