Lyft (LYFT) CEO David Risher recently said that the rideshare company is “open” to selling itself, but there’s a kicker — there’s no obvious acquirer.
Lyft, long considered second-fiddle to Uber (UBER), has struggled to get its margins under control and retain market share over the last few years. Risher, who took the helm at Lyft in April, has already been aggressive in his efforts to set the company right financially, going so far as cutting 26% of the workforce less than two weeks after starting as CEO. Lyft’s C-suite shakeup also didn’t come in a vacuum – the company’s stock has plunged 76% in the last year and its market cap sits at about $3.07 billion, a stark contrast to Uber’s $80.3 billion.
So, Lyft has a long way to go, and a sale, at least for Lyft, is certainly worth considering, said Wedbush Senior Equity Research Analyst Dan Ives. The question is: Who would actually buy it?
“Lyft has been a disaster name, and execution challenges are just building up, forcing some…
This article was written by and originally published on finance.yahoo.com