Uber Technologies (NYSE:UBER) Reaches New 1-Year High Following Analyst Upgrade

Posted by MarketBeat News on Nov 8th, 2023

Uber Technologies, Inc. (NYSE:UBER – Get Free Report)’s stock price hit a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $59.00 to $64.00. Wells Fargo & Company currently has an overweight rating on the stock. Uber Technologies traded as high as $50.27 and last traded at $49.98, with a volume of 5073361 shares changing hands. The stock had previously closed at $49.92.

Several other research analysts also recently commented on UBER. Loop Capital raised their price target on shares of Uber Technologies from $48.00 to $58.00 and gave the company a “buy” rating in a report on Monday, August 14th. Royal Bank of Canada reiterated an “outperform” rating and issued a $58.00 target price on shares of Uber Technologies in a research report on Tuesday, September 5th. Sanford C. Bernstein upped their target price on shares of Uber Technologies from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 2nd. Tigress Financial began coverage on shares of Uber Technologies in a research report on Friday, July 21st. They issued a “buy” rating and a $66.00 target price for the company. Finally, Citigroup upped their target price on shares of Uber Technologies from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Thirty investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $56.00.

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Insider Activity at Uber Technologies

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

Institutional Trading of Uber Technologies

Several institutional investors and hedge funds have recently modified their holdings of UBER. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Uber Technologies by 84,122.1% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 123,555,492 shares of the ride-sharing company’s stock valued at $5,333,891,000 after purchasing an additional 123,408,790 shares during the period. Norges Bank purchased a new position in shares of Uber Technologies in the 4th quarter worth $580,568,000. Altimeter Capital Management LP grew its stake in shares of Uber Technologies by 167.5% in the 1st quarter. Altimeter Capital Management LP now owns 30,760,000 shares of the ride-sharing company’s stock worth $1,193,422,000 after buying an additional 19,260,000 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of Uber Technologies by 1,108.6% in the 3rd quarter. Brown Advisory Inc. now owns 15,683,867 shares of the ride-sharing company’s stock worth $721,301,000 after buying an additional 14,386,205 shares in the last quarter. Finally, Davidson Kempner Capital Management LP grew its stake in shares of Uber Technologies by 104.0% in the 1st quarter. Davidson Kempner Capital Management LP now owns 500,000 shares of the ride-sharing company’s stock worth $15,850,000 after buying an additional 13,000,000 shares in the last quarter. 74.07% of the stock is currently owned by institutional investors.

Uber Technologies Stock Down 1.5 %

The firm has a market capitalization of $100.48 billion, a PE ratio of -226.13 and a beta of 1.23. The business’s 50 day simple moving average is $45.42 and its 200 day simple moving average is $42.97. The company has a current ratio of 1.24, a quick ratio of 1.23 and a debt-to-equity ratio of 0.98.

About Uber Technologies

(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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