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Uber has sold off its air taxi business

Andrew Tarantola
·Senior Editor
·1 min read

As suspected, and following a similar deal yesterday to offload its self-driving taxi technology to autonomous vehicle startup Aurora, Uber announced Tuesday that it has sold its flying taxi service, Uber Elevate to California-based Joby Aviation.

Joby already makes electric VTOL aircraft so it is acquiring Uber’s aerial ride-hailing division. Doing so will allow the startup access to Uber’s app infrastructure — and vice versa, essentially integrating their respective ground and air apps — once Joby’s aircraft are FAA certified. That is expected to happen within the next few years and could be completed as soon as 2023.

“We were proud to partner with Uber Elevate last year and we’re even prouder to be welcoming them into the Joby team today,” Joby Aviation founder and CEO JoeBen Bevirt said in a Tuesday release.

"This deal allows us to deepen our partnership with Joby, the clear leader in this field, to accelerate the path to market for these technologies,” Uber CEO, Dara Khosrowshahi, added. “We're excited for their transformational mobility solution to become available to the millions of customers who rely on our platform."

The specifics of the deal were not made public though Joby did announce that Uber intends to “invest a further $75 million in Joby as part of a broader transaction... and an expanded partnership between the two parent companies.” Uber had previously invested $50 million in the company last January as well.

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    Airbnb boosted the offering price of its initial public offering and now looks to raise about $3.1 billion, or 20% more than originally planned. It will trade Thursday under the ticker ABNB.

  • Cramer On Cruise Stocks: 'The Robinhood People Were Right'

    CNBC's Jim Cramer discussed why a commercial he saw for Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) might warrant a victory lap by young investors. What Happened: Norwegian has confirmed it won't set sail in the U.S. in the first few months of 2021, but that isn't stopping the company from advertising its cruises during NFL games.The Norwegian commercials feature people without masks having a "fabulous time" and enjoying themselves, Cramer said on CNBC's "Squawk on the Street."This suggests that there is still demand for cruises and proves "the Robinhood people were right," he said. Younger and millennial investors were known for scooping up cruise stocks during the earlier days of the pandemic.This move was considered foolish by some experts, who believed at the time the travel and leisure industry would take years to recover, if at all. "This younger generation says, wait a second -- people are going to cruise again, they are going to get a vaccine," Cramer said.By contrast, analysts and media pundits were "negative" on the sector, the CNBC host said. Why It's Important: Norwegian's stock by default should have fallen, as the company was active in listing new shares to raise capital, Cramer said. While the younger generation of investors may not understand this dynamic, he said they were optimistic cruise operators would figure out a way to survive the pandemic.What's Next: Norwegian has announced a new initiative to keep its guests safe. The company will install air purification and disinfection systems across all of its 28-ship fleet."They are going to figure it out," Cramer said.See more from Benzinga * Click here for options trades from Benzinga * Analyst Predicts How Disney May Respond To Time Warner's Direct-To-Streaming 2021 Movie Schedule * Chick-fil-A Takes Legal Action Against Chicken Producers, Alleges Price Fixing(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • I Sold My Tesla Shares, Will I Buy Them Back?

    A little after 7 am, I sold my Tesla . Tesla, in a filing with the SEC, revealed a plan to raise $5 billion in capital, selling common equity "from time to time" and at "at the market" pricing. The is the third capital raise of the year for Tesla and the second since September, which also amounted to $5 billion.

  • 3 U.S. Cannabis Stocks Gearing up for Growth; Cantor Says ‘Buy’

    At the end of 2018, Canada fully legalized cannabis, nationwide, for both medical and recreational use. With the incoming Biden Administration, the US is expected to follow suit with Federal-level legalization, or at least formal decriminalization, sometime in the next four years. An exact timetable is impossible to predict; much will depend on the partisan makeup of Congress after the Georgia Senate runoff vote in early January.For now, cannabis legalization in the US is something of a checkerboard. Most states have at least partial legalization, with only Idaho and Nebraska holding out. Eleven states have made cannabis fully legal for all adults; the remaining 37 states have some form of partial medical use, and even Nebraska has decriminalized the substance. Under Federal law, cannabis remains an illegal controlled substance.Cantor analyst Pablo Zuanic recently met with several cannabis industry execs and came back with a few takeaways."[The] speakers believe that under a Biden WH and Republican-controlled Senate, banking reform would pass in early 2021 and would be included in a COVID relief package [...] In general, both speakers believe measured progression in legislation is the best path at the federal level, and expect a version of the STATES act (making cannabis federally permissible) to pass the Senate post the next midterms (this could take place sooner in the event of a 50-50 Senate split and a Biden WH). Other changes (descheduling, federal legalization) may take longer," Zuanic noted.Prepping for the possible changes, Zuanic has also been reviewing several cannabis stocks operating in the American market. Using the TipRanks database, we’ve pulled up the stats on three such stocks, which show the classic ‘growth stock’ profile: plenty of upside potential, recent strong share appreciation, and a Strong Buy rating from the analyst consensus. Curaleaf (CURLF)We’ll start with Curaleaf which, with a $7.7 billion market cap, is one of the largest cannabis companies around. By revenue, Curaleaf is the world’s largest cannabis producer, a position it cemented with the acquisition, earlier this year, of private competitor Grassroots. Curaleaf has operations in 23 states, including 30 processing facilities, 88 dispensaries, and 134 dispensary licenses. Curaleaf grows its product in 22 cultivation sites, with a combined 1.6 million square feet of cultivation capacity.Curaleaf’s performance this year, both in financial results and share appreciation, show the potential of the cannabis market in the US. The company reported $193.2 million in Q3 revenue, for a 59% sequential gain and even more impressive 164% year-over-year growth. The gains were powered by retail revenue, which grew 3x year-over-year to 135.3 million and wholesale revenue, which saw a massive 7x yoy gain to $45 million. While Curaleaf reported a net loss for Q3, that loss was only 1 cent per share, where analysts had expected twice that amount.Curaleaf shares are up 85% year-to-date. While trading in the company has been volatile, it has regained all of its COVID related losses from last winter.Covering this stock for Cantor, Zuanic writes, “We believe the company’s scale advantage, ability to raise funds ($1Bn shelf), and continued store and cultivation expansion, all warrant a valuation premium to peers… [Curaleaf] did not provide guidance for 2021, but the assumption is that it would post growth over the $1Bn annualized figure with which it will likely exit 2020.”Backing this bullish stance, Zuanic gives the stock an Overweight (i.e. Buy) rating, and his $20 price target suggests it has room for 71% growth in 2021. (To watch Zuanic’s track record, click here)Overall, CURLF shares get a Strong Buy rating from the analyst consensus, based on an 8 to 1 mix of Buy versus Hold reviews. The shares are trading at $11.69, and their $14.87 average price target implies a one-year upside potential of 27%. (See Curaleaf stock analysis on TipRanks)Green Thumb (GTBIF)Green Thumb is a Canadian company that has been expanding its foothold in the US market. While Canada’s nationwide legalization regime gives it an advantage over the fragmented, the US is a far larger market, with nearly 10x Canada’s population. Green Thumb’s products include edibles, pre-rolled joints, and vapes, along with a range of CBD-infused wellness items aimed at the home healthcare market. In the past two months, the company’s market cap has expanded from $3.3 billion to $4.6 billion.That market cap growth has been fueled by a massive share appreciation. GTBIF bottomed out in March, at the height of the coronavirus crisis, and is up 426% since then. Year-to-date, the stock is up 120%.That share growth, in turn, has been powered by strong revenues through 2020. In fact, Green Thumb’s Q1 top line showed a 35% sequential gain, at a time when many companies were registering quarter-over-quarter losses. GTBIF has continued to growth revenues since then, with Q3’s top line coming in at $157.1 million, up 131% year-over-year and 31% from Q2. These strong revenues yielded a Q3 EPS of 4 cents per share, derived from total net income of $9.6 million.In his note on Green Thumb, Zuanic reiterates his Overweight (i.e. Buy) rating, and sets a price target of $35 to indicate a 62% upside in the coming year.Backing his outlook, Zuanic writes, “We estimate that there is at least 20% upside to 2021 consensus sales estimates [...] Given the profitability trackrecord, growth potential, and franchise strength, we think valuation multiples well above CPG stocks would be deserved (CPG multiples are ~20x EBITDA on average). Also, with federal permissibility still 2-4 years out, the larger MSOs have a window before CPG or the larger Canadian companies (the well-funded ones) can get involved in the US market in a major way. All this should be factored into the stock’s valuation."Overall, Green Thumb has a unanimous analyst consensus rating, showing that Wall Street agrees with Zuanic’s views. The stock has no fewer than 8 Buy reviews in recent weeks. The average price target is $30.81, which suggests a 43% upside potential. (See Green Thumb’s stock analysis on TipRanks)Cresco Labs (CRLBF)Last but not least is Cresco Labs, a Chicago-based cannabis company with operations in the medical marijuana sector. The company markets its products in retail stores under the Sunnyside* brand, with licenses in 6 states: Arizona, Illinois, Massachusetts, New York, Ohio, and Pennsylvania. Cresco full product line-up includes eight other brand names, offering everything from buds, joints, and edibles to vapes and gummies. Counting all production facilities, retail licenses, and operational dispensaries, Cresco has a presence in 9 states.Cresco has shown strong growth in 2020. The stock is up 48% year-to-date, and there are still another three weeks of trading before year’s end. The gains have fully erased losses taken early in the COVID pandemic.Cresco has posted Q3 revenues of $153.3 million, a company quarterly record. The top line result was $59 million higher than the previous quarter, for a 63% sequential gain. The revenues rested on a foundation of strong retail sales, which totaled $90.5 million in the quarter. Cresco’s quarterly earnings are up from $66.4 million in Q1, a 130% gain year-to-date.Pablo Zuanic notes the company’s retail success in his note on the stock. He says, “Cresco beat our above consensus sales estimate by 23% on market share gains in wholesale in states like IL, PA, and CA, and continued IL retail outperformance… The branded wholesale model (near 60% of sales vs. 25% at peers) and depth (leadership in key states, with wholesale share above 20% in IL/PA) over time could lead to a premium over peers, in our view… As we project into 4Q, we model at least the same share levels per state in 3Q plus underlying market growth. In CA the company is gaining share per store (existing customers) as well as adding new retail customers.”These comments back up Zuanic’s Overweight (i.e. Buy) rating. His price target, of $18, indicates confidence in 77% growth potential for next year. With 5 Buy reviews overbalancing a single Hold, Cresco is our third Strong Buy cannabis stock. At a current trading price of $10.12, the $14.61 average price target gives a one-year upside of 44%. (See Cresco’s stock analysis on TipRanks)To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • Top Tech Penny Stocks for Q1 2021

    The technology sector consists of businesses that develop, build, and market consumer electronics, electronic components, and software. Companies in the tech sector may also provide information technology (IT) services such as cloud computing. While the best-known companies are giants like Apple Inc. (AAPL) and Microsoft Inc. (MSFT), there also are tech businesses that are classified as penny stocks.

  • 25 bank stocks with dividend yields of at least 3.5% that passed two important tests

    Ten-year U.S. Treasury bonds (BX:TMUBMUSD10Y) are yielding 0.93%, while the Bloomberg Barclays Aggregate Index of investment grade corporate bonds has a yield-to-worst of 1.21% and even the Bloomberg Barclays High Yield Index has a yield-to-worst of 4.76%. No stock screen is perfect — not even close.

  • Citron Calls Luminar Technologies A 'Suckers Game,' Sets $20 Price Target

    Citron Research editor and notorious short seller Andrew Left announced his latest short thesis on Tuesday.Less than two weeks after calling Palantir Technologies Inc (NYSE: PLTR) a "full casino," Left took his criticism of electric vehicle stock Luminar Technologies Inc (NASDAQ LAZR) one step further."$LAZR at $14 bil ($40) is not even a casino stock...you can actually win at a casino..it is more of a 'suckers game,'" Left tweeted.Related Link: Citron Shorts Palantir, Calls Stock A 'Full Casino'Left Targets EV Stocks: Luminar is the latest EV stock to skyrocket after going public via a SPAC last Thursday. The stock has since skyrocketed 110% in three days before falling 7% in early Tuesday trading.Instead, Left said investors should be buying Velodyne Lidar Inc (NASDAQ: VLDR)."Would much rather own industry leader $VLDR at less than $4 bil mkt cap. Citron expects $LAZR back at $20 and $VLDR at $30," Left tweeted.Velodyne shares traded higher by 10.1% on Tuesday.Left has previously criticized several popular EV stocks for their valuations, including announcing a short thesis for Nio Inc - ADR (NYSE: NIO) back on Nov. 13. In November 2018, Left compared Nio to Tesla Inc (NASDAQ: TSLA) when Nio was trading at around $7 per share, but he said last month that investors should take profits on the stock after it has gained nearly 2,000% in the past year.Left has also recently called Electrameccanica Vehicles Corp (NASDAQ: SOLO) "a complete joke" and EV charging station stock Blink Charging Co (NASDAQ: BLNK) a "total scheme."Benzinga's Take: Short sellers that have focused on fundamental valuation analysis have been getting killed for years now, especially when it comes to betting against EV stocks. However, Left's bearish holiday EV bets have been paying off in the last couple of weeks given shares of Nio, Electrameccanica and Blink Charging are all down between 4% and 14% in the past two weeks.Click here to check out Benzinga's EV Hub for the latest electric vehicles news.Latest Ratings for LAZR DateFirmActionFromTo Dec 2020Northland Capital MarketsDowngradesOutperformMarket Perform View More Analyst Ratings for LAZR View the Latest Analyst RatingsSee more from Benzinga * Click here for options trades from Benzinga * Millennials Are Twice As Likely To Buy Bitcoin Than Gold As Safe-Haven Investment * Webull CEO: 'Crypto Is The Gold For The New Generation'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.