Uber Technologies (NYSE:UBER) Stock Drops 0.3% - Future Outlook

Uber Technologies, Inc. (NYSE:UBER) experienced a slight decline of 0.3% in its stock price during mid-day trading on Wednesday. The stock hit a low of $60.88 before closing at $61.71, following a previous close of $61.87. Notably, a total of 7,882,461 shares changed hands, marking a significant drop of 59% from the average trading volume of 19,278,982 shares.

Wall Street Analysts Forecast Growth

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Recently, various equity analysts have provided their insights regarding Uber's stock. Daiwa Capital Markets has downgraded the stock from an "outperform" to a "neutral" rating, setting a price target of $84.00. Conversely, Oppenheimer raised their price target from $90.00 to $95.00, maintaining an "outperform" rating for Uber Technologies. Additionally, Wells Fargo reduced their target price from $97.00 to $90.00 while keeping their "overweight" rating intact. Moreover, Cantor Fitzgerald has reaffirmed an "overweight" rating with a price target of $90.00, and KeyCorp lowered their target from $90.00 to $85.00, also maintaining an "overweight" rating. In total, six analysts have issued a hold rating, while thirty-two have provided buy ratings, and one has given a strong buy rating. Presently, Uber Technologies holds a consensus rating of "Moderate Buy" and a consensus target price of $90.51 according to MarketBeat.

Uber Technologies Stock Down 0.3%

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Uber has a debt-to-equity ratio of 0.70, with both a quick ratio and a current ratio of 1.41. The company's fifty-day moving average stands at $70.86, while the 200-day moving average is at $71.18. Uber Technologies has a market capitalization of $129.94 billion, along with a PE ratio of 30.70 and a price-to-earnings-growth ratio of 0.75, and a beta of 1.33.

On October 31, Uber Technologies released its quarterly earnings report, revealing an EPS of $1.20, exceeding analysts’ expectations of $0.41 by an impressive $0.79. The company reported a net margin of 10.49% and a return on equity of 33.46%. Total revenue for the quarter reached $11.19 billion, surpassing forecasts of $10.99 billion, marking a 20.4% increase from the same period last year when the EPS was only $0.10. Analysts anticipate that Uber will post a yearly EPS of 1.89.

Insider Activity at Uber Technologies

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In other news regarding Uber Technologies, insider Jill Hazelbaker sold 27,780 shares on November 25 at an average price of $72.90, totaling approximately $2,025,162. After the sale, Hazelbaker retained ownership of 107,289 shares, worth about $7,821,368. This transaction indicates a 20.57% decrease in her ownership of the stock. Currently, corporate insiders own 3.80% of the company's stock.

Hedge Funds Weigh In On Uber Technologies

Recent adjustments by hedge funds regarding their holdings in Uber Technologies have been observed. GHP Investment Advisors Inc. significantly raised its position by 222.7% during the second quarter, owning 355 shares valued at $26,000 after accumulating an additional 245 shares. Similarly, WR Wealth Planners LLC's stake increased by 563.9%, bringing their total to 405 shares worth $29,000 after acquiring 344 shares. MCF Advisors LLC exhibited a staggering 1,038.5% rise in their holdings during the same period, owning 444 shares valued at $32,000. Other firms also adjusted their investments, with 80.24% of shares now held by hedge funds and institutional investors.

About Uber Technologies

Uber Technologies, Inc. specializes in developing and operating proprietary technology applications not only in the United States but also across regions including Canada, Latin America, Europe, the Middle East, Africa, and parts of Asia, excluding China and Southeast Asia. The company operates in three primary segments: Mobility, Delivery, and Freight, connecting consumers with various transportation modalities such as ridesharing, carsharing, micromobility, rentals, public transit, and taxis, along with offering riders a range of vehicle options and associated financial products.

Should you invest $1,000 in Uber Technologies right now?

Before making any investment choices regarding Uber Technologies, it is worth noting that financial analysis platform MarketBeat keeps track of top-rated research analysts and the stocks they recommend. Although Uber Technologies has a "Moderate Buy" consensus, it hasn’t made it onto the current list of top recommendations. Investors might want to explore other promising opportunities recommended by leading analysts before deciding on Uber Technologies.

Uber, Stocks, Earnings