Royal Bank of Canada Reaffirms Outperform Rating for Uber Technologies (NYSE:UBER)

Posted by MarketBeat News on Sep 5th, 2023

Uber Technologies (NYSE:UBER – Get Free Report)‘s stock had its “outperform” rating restated by analysts at Royal Bank of Canada in a note issued to investors on Tuesday, Benzinga reports. They presently have a $58.00 price target on the ride-sharing company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 23.30% from the company’s previous close.

A number of other brokerages have also weighed in on UBER. JPMorgan Chase & Co. boosted their target price on shares of Uber Technologies from $55.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, August 2nd. Sanford C. Bernstein lifted their price objective on Uber Technologies from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, August 2nd. DA Davidson reiterated a “buy” rating and issued a $62.00 price target on shares of Uber Technologies in a research report on Monday, July 31st. Mizuho upped their target price on shares of Uber Technologies from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Finally, Wells Fargo & Company raised their price target on Uber Technologies from $53.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, August 17th. Thirty-one analysts have rated the stock with a buy rating, According to MarketBeat.com, Uber Technologies has an average rating of “Buy” and a consensus price target of $56.00.

View Our Latest Report on Uber Technologies

Uber Technologies Price Performance

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Shares of UBER opened at $47.04 on Tuesday. The company has a market capitalization of $96.13 billion, a P/E ratio of -213.81 and a beta of 1.23. Uber Technologies has a twelve month low of $22.94 and a twelve month high of $49.49. The company has a quick ratio of 1.23, a current ratio of 1.24 and a debt-to-equity ratio of 0.98. The firm has a 50 day moving average of $45.19 and a 200 day moving average of $38.84.

Uber Technologies (NYSE:UBER – Get Free Report) last released its quarterly earnings data on Tuesday, August 1st. The ride-sharing company reported $0.18 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.19. Uber Technologies had a negative return on equity of 4.57% and a negative net margin of 1.07%. The company had revenue of $9.23 billion for the quarter, compared to analysts’ expectations of $9.34 billion. During the same period last year, the firm posted ($1.33) earnings per share. Uber Technologies’s revenue was up 14.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Uber Technologies will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Uber Technologies

In related news, CEO Dara Khosrowshahi sold 100,000 shares of the stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $47.51, for a total value of $4,751,000.00. Following the transaction, the chief executive officer now owns 1,316,243 shares of the company’s stock, valued at $62,534,704.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Uber Technologies news, CEO Dara Khosrowshahi sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $47.51, for a total transaction of $4,751,000.00. Following the transaction, the chief executive officer now owns 1,316,243 shares of the company’s stock, valued at approximately $62,534,704.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jill Hazelbaker sold 644 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $41.00, for a total transaction of $26,404.00. Following the completion of the sale, the insider now directly owns 128,916 shares of the company’s stock, valued at approximately $5,285,556. The disclosure for this sale can be found here. Insiders sold a total of 325,642 shares of company stock valued at $14,830,237 in the last three months. Company insiders own 3.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Van Hulzen Asset Management LLC purchased a new stake in Uber Technologies in the first quarter valued at approximately $207,000. Vinva Investment Management Ltd acquired a new stake in shares of Uber Technologies in the first quarter worth $1,566,000. BOKF NA raised its holdings in shares of Uber Technologies by 2.0% during the first quarter. BOKF NA now owns 67,116 shares of the ride-sharing company’s stock worth $2,128,000 after purchasing an additional 1,311 shares during the last quarter. Brown Advisory Inc. boosted its holdings in Uber Technologies by 689.0% in the first quarter. Brown Advisory Inc. now owns 899,535 shares of the ride-sharing company’s stock valued at $28,515,000 after purchasing an additional 785,528 shares during the last quarter. Finally, KBC Group NV grew its position in Uber Technologies by 157.9% during the 1st quarter. KBC Group NV now owns 298,986 shares of the ride-sharing company’s stock worth $9,478,000 after purchasing an additional 183,065 shares during the period. 74.07% of the stock is owned by institutional investors and hedge funds.

Uber Technologies Company Profile

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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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