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Lyft team rings Nasdaq opening bell. Photo: Mario Tama/Getty Images

Investor blowback against Lyft has been fast and furious since the stock debuted last week.

Driving the news: Seaport Global analysts Michael Ward seared the company with a scathing "sell" recommendation on its third day of trading, notching a $42 target — $26 a share lower than its price at the time.

  • Short sellers have now joined the fray, with 12.4 million shares shorted at a value of $856 million, making the newly public company the 27th most shorted large U.S. stock. Short sellers have clamored to "rent" Lyft shares, paying an average of 101.40% borrow fee to bet against it. That's the highest fee of any domestic stock with more than $50 million of short interest, according to data from S3 Partners.
  • Carl Icahn sold his roughly 2.7% stake in the company, worth around $550 million based on the IPO price, before the company went public, the Wall Street Journal reported.

The bottom line: The stock opened well above its IPO price of $72 on the first day of trading, but has fallen by more than 20% from its first trade price.

Go deeper:

Go deeper

Bryan Walsh, author of Future
2 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.

3 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.

Trump pardons Michael Flynn

President Trump with Michael Flynn in 2016. Photo: David Hume Kennerly/Getty Images

President Trump on Wednesday pardoned his former national security adviser Michael Flynn, who pleaded guilty in the Mueller investigation to lying to FBI agents about his conversations with a former Russian ambassador.

Why it matters: It is the first of multiple pardons expected in the coming weeks, as Axios scooped Tuesday night.