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Wedbush Issues Pessimistic Forecast for Uber Technologies (NYSE:UBER) Stock Price

Uber Technologies logo with Computer and Technology background

Key Points

  • Wedbush has lowered its price target for Uber Technologies from $85.00 to $84.00, reflecting a potential downside of 6.44% from the stock's previous close, while maintaining a "neutral" rating.
  • The consensus rating for Uber Technologies is "Moderate Buy" with a price target of $101.54, supported by 10 hold ratings, 30 buy ratings, and 1 strong buy rating from various analysts.
  • Despite the pessimism from Wedbush, other analysts like Stifel Nicolaus and Bank of America have increased their price targets, suggesting varying perspectives on the stock's future performance.
  • Want stock alerts on Uber Technologies? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Uber Technologies (NYSE:UBER - Get Free Report) had its price objective reduced by stock analysts at Wedbush from $85.00 to $84.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the ride-sharing company's stock. Wedbush's price target indicates a potential downside of 6.44% from the stock's previous close.

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus upped their price target on shares of Uber Technologies from $110.00 to $117.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Piper Sandler lifted their target price on shares of Uber Technologies from $95.00 to $103.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Loop Capital reissued a "buy" rating and issued a $105.00 target price (up from $89.00) on shares of Uber Technologies in a research report on Wednesday, May 21st. Barclays reaffirmed an "overweight" rating on shares of Uber Technologies in a research note on Thursday. Finally, Bank of America boosted their target price on Uber Technologies from $97.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Uber Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $101.54.

Get Our Latest Research Report on Uber Technologies

Uber Technologies Price Performance

NYSE UBER traded up $0.56 on Thursday, reaching $89.78. The company's stock had a trading volume of 3,844,516 shares, compared to its average volume of 22,193,777. The stock has a market cap of $187.74 billion, a PE ratio of 15.69, a PEG ratio of 1.03 and a beta of 1.43. Uber Technologies has a twelve month low of $59.33 and a twelve month high of $97.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.02 and a current ratio of 1.02. The firm's 50 day moving average is $89.17 and its two-hundred day moving average is $80.74.

Uber Technologies (NYSE:UBER - Get Free Report) last released its earnings results on Wednesday, August 6th. The ride-sharing company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.02. Uber Technologies had a net margin of 27.07% and a return on equity of 66.46%. The business had revenue of $12.65 billion for the quarter, compared to the consensus estimate of $12.45 billion. During the same period last year, the firm posted $0.47 earnings per share. The firm's quarterly revenue was up 18.2% compared to the same quarter last year. As a group, sell-side analysts predict that Uber Technologies will post 2.54 EPS for the current year.

Insider Buying and Selling at Uber Technologies

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

Institutional Trading of Uber Technologies

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Uber Technologies by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 186,526,036 shares of the ride-sharing company's stock worth $13,590,287,000 after purchasing an additional 5,759,353 shares in the last quarter. Capital Research Global Investors raised its position in shares of Uber Technologies by 79.0% in the 4th quarter. Capital Research Global Investors now owns 118,131,681 shares of the ride-sharing company's stock worth $7,125,728,000 after purchasing an additional 52,125,476 shares during the last quarter. Capital World Investors increased its stake in Uber Technologies by 10.1% during the 4th quarter. Capital World Investors now owns 30,355,075 shares of the ride-sharing company's stock valued at $1,831,021,000 after purchasing an additional 2,792,039 shares in the last quarter. Pershing Square Capital Management L.P. bought a new position in shares of Uber Technologies in the first quarter worth approximately $2,207,743,000. Finally, Kingstone Capital Partners Texas LLC grew its holdings in shares of Uber Technologies by 334,075.7% during the second quarter. Kingstone Capital Partners Texas LLC now owns 19,973,682 shares of the ride-sharing company's stock valued at $1,863,545,000 after buying an additional 19,967,705 shares during the last quarter. 80.24% of the stock is owned by institutional investors.

Uber Technologies Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Uber Technologies (NYSE:UBER)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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