Needham & Company LLC Reiterates Buy Rating for Uber Technologies (NYSE:UBER)

Posted by MarketBeat News on Sep 27th, 2023

Uber Technologies (NYSE:UBER – Get Free Report)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They presently have a $60.00 price objective on the ride-sharing company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 35.56% from the company’s current price.

A number of other analysts have also recently commented on the stock. Sanford C. Bernstein boosted their target price on shares of Uber Technologies from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. Barclays upped their price objective on shares of Uber Technologies from $57.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, August 2nd. JPMorgan Chase & Co. lifted their target price on shares of Uber Technologies from $55.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, August 2nd. The Goldman Sachs Group raised their price objective on Uber Technologies from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Finally, Jefferies Financial Group boosted their target price on Uber Technologies from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, July 14th. Thirty-one analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $56.00.

Check Out Our Latest Analysis on UBER

Uber Technologies Stock Performance

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Uber Technologies stock opened at $44.26 on Wednesday. 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 fifty day simple moving average of $46.02 and a two-hundred day simple moving average of $40.29. The company has a market capitalization of $90.45 billion, a PE ratio of -201.17 and a beta of 1.23.

Uber Technologies (NYSE:UBER – Get Free Report) last announced its quarterly earnings results on Tuesday, August 1st. The ride-sharing company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.19. Uber Technologies had a negative net margin of 1.07% and a negative return on equity of 4.57%. The business had revenue of $9.23 billion for the quarter, compared to analyst estimates of $9.34 billion. During the same quarter last year, the firm earned ($1.33) EPS. The company’s revenue was up 14.3% on a year-over-year basis. Research analysts expect that Uber Technologies will post 0.42 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Nelson Chai sold 100,000 shares of the stock in a transaction on Monday, August 21st. The shares were sold at an average price of $45.05, for a total value of $4,505,000.00. Following the sale, the chief financial officer now owns 291,807 shares of the company’s stock, valued at $13,145,905.35. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Uber Technologies

A number of institutional investors and hedge funds have recently modified their holdings of UBER. Horizon Investments LLC boosted its stake in shares of Uber Technologies by 2.3% during the second quarter. Horizon Investments LLC now owns 10,529 shares of the ride-sharing company’s stock valued at $455,000 after purchasing an additional 240 shares during the period. Ellevest Inc. grew its stake in Uber Technologies by 1.5% in the 2nd quarter. Ellevest Inc. now owns 16,832 shares of the ride-sharing company’s stock worth $727,000 after acquiring an additional 250 shares in the last quarter. Raleigh Capital Management Inc. raised its stake in shares of Uber Technologies by 66.5% during the second quarter. Raleigh Capital Management Inc. now owns 651 shares of the ride-sharing company’s stock valued at $28,000 after acquiring an additional 260 shares in the last quarter. Founders Financial Securities LLC grew its stake in Uber Technologies by 2.0% in the second quarter. Founders Financial Securities LLC now owns 13,254 shares of the ride-sharing company’s stock worth $572,000 after purchasing an additional 261 shares in the last quarter. Finally, Krilogy Financial LLC increased its holdings in Uber Technologies by 0.5% during the 2nd quarter. Krilogy Financial LLC now owns 57,233 shares of the ride-sharing company’s stock worth $2,471,000 after purchasing an additional 262 shares during the period. 74.07% 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.

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