Uber Technologies (NYSE:UBER) Shares Down 2.6% - Here's What Happened

Key Points

• Uber Technologies' shares declined by 2.6% during mid-day trading, with the stock price falling from a previous close of $96.00 to $93.52.
• Multiple analysts have issued favorable ratings for the stock, including Barclays raising its price target from $97.00 to $110.00 and BMO Capital Markets lifting their target from $101.00 to $113.00.
• Recently, Uber reported quarterly earnings with $0.63 EPS, exceeding estimates, and an 18.2% year-over-year increase in revenue, totaling $12.65 billion.

Uber Technologies, Inc. (NYSE:UBER - Get Free Report)'s share price traded down 2.6% during mid-day trading on Friday . The stock traded as low as $93.33 and last traded at $93.52. 16,887,425 shares were traded during mid-day trading, a decline of 20% from the average session volume of 21,133,428 shares. The stock had previously closed at $96.00.

Wall Street Analyst Weigh In

Several analysts have issued reports on UBER shares. Barclays restated an "overweight" rating and issued a $110.00 price target (up from $97.00) on shares of Uber Technologies in a research report on Thursday, August 7th. Cowen reissued a "buy" rating on shares of Uber Technologies in a report on Thursday, August 7th. Cantor Fitzgerald reissued an "overweight" rating and set a $106.00 price objective (up previously from $96.00) on shares of Uber Technologies in a report on Wednesday, June 25th. Susquehanna lifted their price target on shares of Uber Technologies from $100.00 to $105.00 and gave the stock a "positive" rating in a research note on Thursday, August 7th. Finally, BMO Capital Markets lifted their target price on shares of Uber Technologies from $101.00 to $113.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $104.03.

Uber Technologies Price Performance

The stock's 50-day moving average price is $94.73 and its 200-day moving average price is $87.69. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $195.03 billion, a price-to-earnings ratio of 15.93 and a beta of 1.48.

Uber Technologies (NYSE:UBER - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The ride-sharing company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02. Uber Technologies had a return on equity of 59.96% and a net margin of 26.68%.The firm had revenue of $12.65 billion for the quarter, compared to the consensus estimate of $12.45 billion. During the same quarter in the prior year, the business earned $0.47 EPS. The business's revenue for the quarter was up 18.2% compared to the same quarter last year. Equities research analysts anticipate that Uber Technologies, Inc. will post 2.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $99.42, for a total value of $273,405.00. Following the transaction, the chief financial officer directly owned 22,528 shares in the company, valued at $2,239,733.76. This represents a 10.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jill Hazelbaker sold 31,250 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $96.42, for a total transaction of $3,013,125.00. Following the completion of the transaction, the insider owned 86,531 shares in the company, valued at $8,343,319.02. This represents a 26.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 601,821 shares of company stock valued at $58,659,491 over the last three months. 3.84% of the stock is owned by insiders.

Institutional Trading of Uber Technologies

Hedge funds have recently added to or reduced their stakes in the business. Kilter Group LLC acquired a new stake in Uber Technologies during the 2nd quarter worth approximately $26,000. Noble Wealth Management PBC acquired a new stake in shares of Uber Technologies during the first quarter worth $27,000. Vision Financial Markets LLC acquired a new stake in shares of Uber Technologies during the first quarter worth $27,000. West Oak Capital LLC acquired a new stake in shares of Uber Technologies in the 2nd quarter valued at about $28,000. Finally, GPS Wealth Strategies Group LLC raised its stake in shares of Uber Technologies by 305.1% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 397 shares of the ride-sharing company's stock valued at $29,000 after purchasing an additional 299 shares during the period. Institutional investors and hedge funds own 80.24% of the company's stock.

Uber Technologies Company Profile

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.

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