Uber Technologies (NYSE:UBER) Stock Falls 1.6% – Here’s What Happened

Uber Technologies, Inc. (NYSE:UBER) shares dropped 1.6% during trading on Tuesday. The company traded as low as $69.19 and last traded at $70.01. 12,310,660 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 19,006,303 shares. The stock had previously closed at $71.17.

Top Uber Technologies Stories

Here are a few of the latest stories about UBER:

• Positive Sentiment: Uber and McDonald’s are expanding their delivery partnership across 14 markets. Uber is slated to be the preferred delivery provider for orders through McDonald’s’ app, with shared loyalty rewards also planned—potentially supporting order volume, Uber Direct adoption, and customer retention. Uber expands McDonald’s delivery partnership
• Neutral Sentiment: Uber’s UK banking partner Griffin raised $20 million to develop card and stablecoin services. The financing may support the partner’s capabilities, but the report does not describe a direct financial benefit to Uber. Uber’s UK banking partner Griffin raises funding
• Neutral Sentiment: A Reuters Breakingviews columnist floated a possible Alphabet acquisition of Uber to combine Waymo’s robotaxis with Uber’s ride-hailing network. This is commentary, not a reported offer, so it remains speculative. Commentary speculates Google could buy Uber

Analyst Ratings Changes

UBER has been the topic of a number of research reports. Needham & Company LLC decreased their price objective on Uber Technologies from $109.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, November 5th. Canaccord Genuity Group dropped their target price on Uber Technologies from $72.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, November 5th. Rothschild & Co Redburn lifted their target price on Uber Technologies from $112.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, September 8th. Jefferies Financial Group boosted their target price on shares of Uber Technologies from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Finally, Rosenblatt Securities decreased their price target on shares of Uber Technologies from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, forty-four have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Uber Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $102.08.

Uber Technologies Stock Performance

The stock has a 50 day moving average of $69.78 and a 200 day moving average of $72.84. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.55. The firm has a market cap of $141.19 billion, a price-to-earnings ratio of 40.92, a P/E/G ratio of 2.60 and a beta of 1.33.

Uber Technologies (NYSE:UBER) last announced its quarterly earnings data on Wednesday, November 4th. The ride-sharing company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.02. Uber Technologies had a net margin of 6.13% and a return on equity of 21.37%. The firm had revenue of $14.77 billion for the quarter, compared to the consensus estimate of $14.66 billion. During the same period in the prior year, the company posted $3.11 earnings per share. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, analysts anticipate that Uber Technologies, Inc. will post 3.27 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Dara Khosrowshahi acquired 141,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were acquired at an average cost of $70.96 per share, with a total value of $10,005,360.00. Following the completion of the purchase, the chief executive officer directly owned 1,367,100 shares of the company’s stock, valued at $97,009,416. The trade was a 11.50% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew Macdonald acquired 70,000 shares of the stock in a transaction on Friday, September 4th. The shares were purchased at an average price of $75.83 per share, with a total value of $5,308,100.00. Following the completion of the transaction, the insider owned 426,320 shares of the company’s stock, valued at approximately $32,327,845.60. This represents a 19.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 3.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Uber Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Public Investment Fund acquired a new stake in shares of Uber Technologies in the 2nd quarter valued at approximately $5,256,173,439. Legal & General Group Plc acquired a new position in Uber Technologies during the 2nd quarter worth approximately $943,167,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Uber Technologies during the 2nd quarter worth approximately $752,151,000. Baird Financial Group Inc. increased its position in Uber Technologies by 64.4% during the 2nd quarter. Baird Financial Group Inc. now owns 9,099,343 shares of the ride-sharing company’s stock worth $656,609,000 after purchasing an additional 3,564,073 shares in the last quarter. Finally, Fundsmith LLP bought a new position in Uber Technologies in the 2nd quarter valued at approximately $645,338,000. Institutional investors own 80.24% of the company’s stock.

Uber Technologies Company Profile

Uber Technologies, Inc. operates a technology platform that connects people seeking transportation and delivery services with drivers, couriers, merchants and other providers. Its offerings include rides through the Uber app and food and grocery delivery through Uber Eats. The company also provides logistics services through Uber Freight, which connects shippers with carriers and offers tools for managing freight transportation. Uber’s platform serves users and businesses across markets in North America, Latin America, Europe, the Middle East, Africa and Asia-Pacific.