Lyft shares hit a new 52-week low on Wednesday as the stock tumbled nearly 11% while investors expect its larger rival Uber to formally file to go public on Thursday. Lyft's drop also follows skepticism about the ride-hailing service's valuation from a top authority.
New York University professor Aswath Damodaran said Lyft should be traded closer to $59 per share with a valuation of $15 billion in an interview on CNBC's Fast Money Tuesday. That would wipe about $2.2 billion off its $17.2 billion valuation as of Wednesday and cut its share price by about $1. Wednesday's drop alone shaved about $2 billion from Lyft's market capitalization.