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Uber Technologies Inc. (NYSE: UBER) Slashes -1.81%: The Most Likely Path Going Forward

Uber Technologies Inc. (NYSE:UBER) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -1.81% to the previous day’s close as strong demand from buyers drove the stock to $37.96.

Actively observing the price movement in the last trading, the stock closed the session at $38.66, falling within a range of $37.77 and $38.66. Referring to stock’s 52-week performance, its high was $40.50, and the low was $19.90. On the whole, UBER has fluctuated by 28.29% over the past month.

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With the market capitalization of Uber Technologies Inc. currently standing at about $76.96 billion, investors are eagerly awaiting this quarter’s results, scheduled for Jul 31, 2023 – Aug 04, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.01, which is expected to increase to $0.33 for fiscal year $0 and then to about $0.91 by fiscal year 2024.

Analysts have estimated the company’s revenue for the quarter at $9.34 billion, with a low estimate of $8.96 billion and a high estimate of $9.89 billion. According to the average forecast, sales growth in current quarter could jump up 15.70%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $37.56 billion, representing an increase of 17.80% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that UBER’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

47 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 4 analyst(s), 38 recommend it as a Buy and 5 called the UBER stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Buy.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of UBER currently trading nearly 3.27% and 13.20% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 60.06, while the 7-day volatility ratio is showing 3.00% which for the 30-day chart, stands at 3.17%. Furthermore, Uber Technologies Inc. (UBER)’s beta value is 1.15, and its average true range (ATR) is 1.12. The company’s stock has been forecasted to trade at an average price of $49.63 over the course of the next 52 weeks, with a low of $32.50 and a high of $75.00. Based on these price targets, the low is 14.38% off current price, whereas the price has to move -97.58% to reach the yearly target high. Additionally, analysts’ median price of $48.00 is likely to be welcomed by investors because it represents a decrease of -26.45% from the current levels.

A comparison of Uber Technologies Inc. (UBER) with its peers suggests the former has fared considerably weaker in the market. UBER showed an intraday change of -1.81% in last session, and over the past year, it grew by 59.63%%. On the other hand, the price of DoorDash Inc. (DASH) has fallen -0.05% on the day. The stock, however, is off -2.67% from where it was a year ago. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.73%. Meanwhile, the Dow Jones Industrial Slipped by -0.77%.

Data on historical trading for Uber Technologies Inc. (NYSE:UBER) indicates that the trading volumes over the past 10 days have averaged 21.32 million and over the past 3 months, they’ve averaged 23.45 million. According to company’s latest data on outstanding shares, there are 2.01 billion shares outstanding.

Nearly 0.10% of Uber Technologies Inc.’s shares belong to company insiders and institutional investors own 73.90% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 52.88 million shares as on Apr 27, 2023, resulting in a short ratio of 2.79. According to the data, the short interest in Uber Technologies Inc. (UBER) stood at 2.61% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 52.85 million. The stock has risen by 53.50% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the UBER stock heading into the next quarter.

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