Uber Technologies (NYSE:UBER) Trading Down 2.2% - Here's What Happened

Key Points

• Uber Technologies' share price fell by 2.2% during midday trading, with a trading low of $97.00 and an average trading volume decline of 41%.
• Analysts remain optimistic, with many raising their target prices; Uber currently holds an average rating of "Moderate Buy" with a price target of $104.03.
• Institutional investors maintain strong interests, owning 80.24% of the company's stock, with significant recent acquisitions by firms such as Pershing Square and Norges Bank.

Uber Technologies, Inc. (NYSE:UBER - Get Free Report)'s share price dropped 2.2% during mid-day trading on Tuesday . The stock traded as low as $97.00 and last traded at $97.87. Approximately 12,533,976 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 21,253,664 shares. The stock had previously closed at $100.10.

Analyst Ratings Changes

Several research analysts have issued reports on UBER shares. Needham & Company LLC increased their target price on shares of Uber Technologies from $100.00 to $109.00 and gave the stock a "buy" rating in a report on Monday, July 14th. KeyCorp upped their price target on shares of Uber Technologies from $90.00 to $110.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Royal Bank Of Canada lifted their price objective on Uber Technologies from $94.00 to $100.00 and gave the stock an "outperform" rating in a research 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 research note on Wednesday, June 25th. Finally, Cowen reiterated a "buy" rating on shares of Uber Technologies in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $104.03.

Uber Technologies Price Performance

The company has a market capitalization of $204.10 billion, a PE ratio of 16.67 and a beta of 1.48. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.41. The stock has a fifty day simple moving average of $94.12 and a 200-day simple moving average of $87.40.

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

Insiders Place Their Bets

In other news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $99.42, for a total transaction of $273,405.00. Following the completion of the transaction, the chief financial officer directly owned 22,528 shares of the company's stock, valued at $2,239,733.76. This trade represents a 10.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Nikki Krishnamurthy sold 11,571 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $91.74, for a total transaction of $1,061,523.54. Following the completion of the sale, the senior vice president directly owned 416,222 shares in the company, valued at $38,184,206.28. This represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 601,821 shares of company stock valued at $58,659,491. Corporate insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Uber Technologies

A number of hedge funds have recently made changes to their positions in UBER. Pershing Square Capital Management L.P. acquired a new position in Uber Technologies during the first quarter worth about $2,207,743,000. Norges Bank acquired a new position in Uber Technologies in the 2nd quarter worth approximately $2,348,319,000. Kingstone Capital Partners Texas LLC boosted its position in shares of Uber Technologies by 334,075.7% in the second quarter. Kingstone Capital Partners Texas LLC now owns 19,973,682 shares of the ride-sharing company's stock worth $1,863,545,000 after buying an additional 19,967,705 shares during the period. Pacer Advisors Inc. grew its stake in Uber Technologies by 2,571.2% during the 1st quarter. Pacer Advisors Inc. now owns 6,498,167 shares of the ride-sharing company's stock valued at $473,456,000 after acquiring an additional 6,254,898 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Uber Technologies by 3.2% during the first quarter. Vanguard Group Inc. now owns 186,526,036 shares of the ride-sharing company's stock valued at $13,590,287,000 after purchasing an additional 5,759,353 shares in the last quarter. Institutional investors 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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