Bank of America Forecasts Strong Price Appreciation for Uber Technologies (NYSE:UBER) Stock

Uber Technologies (NYSE:UBER - Free Report) had its price target raised by Bank of America from $97.00 to $115.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the ride-sharing company's stock.

UBER has been the topic of several other research reports. Wedbush lowered Uber Technologies from an "outperform" rating to a "neutral" rating and upped their price target for the company from $80.00 to $85.00 in a research note on Thursday, May 8th. Citigroup upped their price target on Uber Technologies from $92.00 to $102.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. UBS Group upped their price target on Uber Technologies from $103.00 to $107.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. JMP Securities reissued a "market perform" rating on shares of Uber Technologies in a research note on Thursday, May 15th. Finally, Raymond James Financial lowered Uber Technologies from a "strong-buy" rating to a "moderate buy" rating in a research note on Wednesday, June 18th. Thirteen analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $95.97.

Uber Technologies Price Performance

Shares of UBER stock traded down $0.84 during trading hours on Tuesday, hitting $95.80. 3,693,000 shares of the company's stock were exchanged, compared to its average volume of 21,191,663. The stock's 50-day moving average is $87.94 and its 200-day moving average is $77.06. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market cap of $200.34 billion, a price-to-earnings ratio of 16.76, a price-to-earnings-growth ratio of 1.24 and a beta of 1.40. Uber Technologies has a 52 week low of $54.84 and a 52 week high of $97.72.

Uber Technologies (NYSE:UBER - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The ride-sharing company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.33. Uber Technologies had a return on equity of 66.46% and a net margin of 27.07%. The business had revenue of $11.53 billion for the quarter, compared to analyst estimates of $11.61 billion. During the same quarter in the prior year, the firm posted ($0.32) earnings per share. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, research analysts forecast that Uber Technologies will post 2.54 EPS for the current year.

Insider Transactions at Uber Technologies

In other Uber Technologies news, insider Jill Hazelbaker sold 34,884 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $86.03, for a total value of $3,001,070.52. Following the completion of the transaction, the insider directly owned 102,135 shares in the company, valued at $8,786,674.05. This trade represents a 25.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $95.00, for a total value of $261,250.00. Following the completion of the transaction, the chief financial officer owned 21,975 shares of the company's stock, valued at approximately $2,087,625. This represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,384 shares of company stock valued at $3,496,071. 3.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Clark Capital Management Group Inc. grew its stake in Uber Technologies by 11,354.8% in the fourth quarter. Clark Capital Management Group Inc. now owns 402,522 shares of the ride-sharing company's stock valued at $24,280,000 after purchasing an additional 399,008 shares in the last quarter. UMB Bank n.a. grew its stake in Uber Technologies by 33.6% in the first quarter. UMB Bank n.a. now owns 12,210 shares of the ride-sharing company's stock valued at $890,000 after purchasing an additional 3,073 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in shares of Uber Technologies by 65.0% in the fourth quarter. Revolve Wealth Partners LLC now owns 15,563 shares of the ride-sharing company's stock valued at $939,000 after buying an additional 6,129 shares during the last quarter. Mufg Securities Americas Inc. acquired a new stake in shares of Uber Technologies in the fourth quarter valued at approximately $1,875,000. Finally, APG Asset Management N.V. acquired a new stake in shares of Uber Technologies in the fourth quarter valued at approximately $84,687,000. 80.24% of the stock is currently owned by institutional investors.

About Uber Technologies

Uber Technologies, Inc develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia excluding China and Southeast Asia. It operates through three segments: Mobility, Delivery, and Freight. The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services.