Uber Technologies (NYSE:UBER) Hits New 1-Year High on Earnings Beat

Posted by Defense World Staff on May 4th, 2023

Uber Technologies, Inc. (NYSE:UBER – Get Rating) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $38.19 and last traded at $38.17, with a volume of 28137947 shares changing hands. The stock had previously closed at $36.52.

The ride-sharing company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. Uber Technologies had a negative net margin of 28.68% and a negative return on equity of 114.18%. The business had revenue of $8.82 billion during the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter in the previous year, the company earned ($0.18) EPS. The business’s quarterly revenue was up 28.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

UBER has been the subject of a number of research reports. Moffett Nathanson initiated coverage on shares of Uber Technologies in a research note on Monday, January 30th. They issued an “outperform” rating and a $47.00 price target for the company. Argus boosted their price target on shares of Uber Technologies from $36.00 to $43.00 in a research note on Monday, February 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Uber Technologies in a research note on Tuesday, March 28th. DA Davidson reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Uber Technologies in a research note on Thursday, February 9th. Finally, Mizuho upped their price objective on shares of Uber Technologies from $50.00 to $55.00 in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and twenty-eight have given a buy rating to the company. According to data from MarketBeat.com, Uber Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.16.

Insider Buying and Selling

In other news, insider Tony West sold 4,167 shares of Uber Technologies stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $32.00, for a total transaction of $133,344.00. Following the completion of the transaction, the insider now directly owns 166,499 shares in the company, valued at $5,327,968. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Uber Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Uber Technologies during the fourth quarter valued at approximately $99,000. Pinnacle Bancorp Inc. purchased a new position in shares of Uber Technologies in the 1st quarter worth $26,000. Householder Group Estate & Retirement Specialist LLC grew its holdings in shares of Uber Technologies by 89.3% in the first quarter. Householder Group Estate & Retirement Specialist LLC now owns 848 shares of the ride-sharing company’s stock worth $27,000 after acquiring an additional 400 shares during the period. MCF Advisors LLC purchased a new stake in Uber Technologies during the first quarter valued at $32,000. Finally, Parkside Financial Bank & Trust lifted its holdings in Uber Technologies by 56.9% in the first quarter. Parkside Financial Bank & Trust now owns 1,180 shares of the ride-sharing company’s stock valued at $42,000 after acquiring an additional 428 shares during the period. 71.83% of the stock is owned by institutional investors.

Uber Technologies Price Performance

The firm has a 50-day simple moving average of $32.05 and a 200-day simple moving average of $30.01. The firm has a market capitalization of $76.20 billion, a PE ratio of -8.07 and a beta of 1.20. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.04 and a quick ratio of 1.04.

Uber Technologies Company Profile

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Uber Technologies, Inc is a technology platform, which engages in the development and operation of technology applications, network, and product to power movement from point A to point B. The firm offers ride services and merchants delivery service providers for meal preparation, grocery and other delivery services.