Uber Technologies (NYSE:UBER) Earns Buy Rating from Bank of America

Uber Technologies (NYSE:UBER)‘s stock had its “buy” rating reissued by investment analysts at Bank of America in a research report issued on Friday, Benzinga reports. They currently have a $88.00 target price on the ride-sharing company’s stock. Bank of America‘s target price would suggest a potential upside of 1.92% from the company’s previous close.

Several other brokerages have also recently weighed in on UBER. DA Davidson lifted their price objective on shares of Uber Technologies from $81.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Piper Sandler increased their price target on Uber Technologies from $86.00 to $88.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 25th. Truist Financial raised their price objective on Uber Technologies from $88.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Roth Mkm upped their target price on Uber Technologies from $89.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Melius Research initiated coverage on Uber Technologies in a research note on Monday, July 22nd. They issued a “hold” rating and a $77.00 price target for the company. Four investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Uber Technologies has an average rating of “Moderate Buy” and a consensus price target of $88.11.

Uber Technologies Price Performance

Uber Technologies stock opened at $86.34 on Friday. The company has a market capitalization of $181.40 billion, a price-to-earnings ratio of 94.88, a PEG ratio of 1.35 and a beta of 1.33. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.72. Uber Technologies has a 12 month low of $40.09 and a 12 month high of $87.00. The stock’s 50 day moving average is $72.65 and its 200-day moving average is $70.56.

Uber Technologies (NYSE:UBER) last issued its quarterly earnings data on Tuesday, August 6th. The ride-sharing company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.16. Uber Technologies had a return on equity of 17.06% and a net margin of 5.02%. The firm had revenue of $10.70 billion for the quarter, compared to analyst estimates of $10.57 billion. During the same period in the prior year, the firm posted $0.18 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. Equities research analysts expect that Uber Technologies will post 1.08 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Dara Khosrowshahi sold 500,000 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $71.91, for a total value of $35,955,000.00. Following the completion of the sale, the chief executive officer now owns 1,266,114 shares of the company’s stock, valued at approximately $91,046,257.74. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jill Hazelbaker sold 40,000 shares of Uber Technologies stock in a transaction on Monday, September 16th. The shares were sold at an average price of $72.00, for a total transaction of $2,880,000.00. Following the completion of the transaction, the insider now owns 127,352 shares of the company’s stock, valued at $9,169,344. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dara Khosrowshahi sold 500,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $71.91, for a total transaction of $35,955,000.00. Following the sale, the chief executive officer now directly owns 1,266,114 shares in the company, valued at $91,046,257.74. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in UBER. Creative Planning grew its position in shares of Uber Technologies by 34.0% during the 3rd quarter. Creative Planning now owns 195,163 shares of the ride-sharing company’s stock worth $14,668,000 after buying an additional 49,491 shares during the period. Wesbanco Bank Inc. grew its holdings in Uber Technologies by 4.2% in the third quarter. Wesbanco Bank Inc. now owns 156,158 shares of the ride-sharing company’s stock worth $11,737,000 after purchasing an additional 6,234 shares during the period. CX Institutional increased its stake in Uber Technologies by 193.0% in the third quarter. CX Institutional now owns 8,957 shares of the ride-sharing company’s stock valued at $673,000 after purchasing an additional 5,900 shares in the last quarter. Grove Bank & Trust raised its holdings in shares of Uber Technologies by 58.1% during the third quarter. Grove Bank & Trust now owns 8,184 shares of the ride-sharing company’s stock valued at $615,000 after purchasing an additional 3,009 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new position in shares of Uber Technologies during the third quarter valued at about $277,000. 80.24% of the stock is owned by institutional investors.

About Uber Technologies

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.