Lyft Insiders Get Their First Chance to Sell Shares

(Bloomberg) -- Lyft Inc. shares dropped sharply at the market open on Monday, but then quickly recovered, as some early investors got their first opportunity to sell the stock.

Shares of the ride-hailing operator fell as much as 3.7% to $50.51, before gaining as much as 2.1% in New York. A block of 1.04 million in Lyft Class A shares, or about 2.6% of float, traded at a market of $53.7 million at 9:30 a.m., according to Bloomberg data. The performance compares to the S&P 500, which rose more than 1%.

The company had estimated that about 258 million Class A shares may become eligible for sale at the market open on Monday.

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