Uber Technologies (NYSE:UBER) Shares Up 7.9% After Strong Earnings

Uber Technologies, Inc. (NYSE:UBER)’s share price rose 7.9% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $63.40 and last traded at $63.09. Approximately 20,662,367 shares traded hands during trading, an increase of 9% from the average daily volume of 19,004,408 shares. The stock had previously closed at $58.48.

The ride-sharing company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.16. The business had revenue of $10.70 billion for the quarter, compared to analyst estimates of $10.57 billion. Uber Technologies had a net margin of 5.02% and a return on equity of 17.06%. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Evercore ISI lifted their price objective on shares of Uber Technologies from $80.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday. Piper Sandler lifted their price objective on shares of Uber Technologies from $86.00 to $88.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 25th. UBS Group lowered their price objective on shares of Uber Technologies from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Melius Research assumed coverage on shares of Uber Technologies in a research note on Monday, July 22nd. They set a “hold” rating and a $77.00 price objective for the company. Finally, Oppenheimer reiterated an “outperform” rating and set a $90.00 price objective on shares of Uber Technologies in a research note on Wednesday, June 5th. Four investment analysts have rated the stock with a hold rating and thirty have given a buy rating to the company. According to MarketBeat, Uber Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $87.47.

Insider Transactions at Uber Technologies

In other news, insider Tony West sold 18,750 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $65.63, for a total transaction of $1,230,562.50. Following the completion of the sale, the insider now owns 206,338 shares in the company, valued at approximately $13,541,962.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Dara Khosrowshahi sold 500,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 1,266,114 shares in the company, valued at approximately $91,046,257.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tony West sold 18,750 shares of Uber Technologies stock in a transaction on Monday, May 13th. The shares were sold at an average price of $65.63, for a total transaction of $1,230,562.50. Following the completion of the transaction, the insider now directly owns 206,338 shares in the company, valued at $13,541,962.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,135,984 shares of company stock worth $78,213,297. 3.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Uber Technologies

Institutional investors have recently modified their holdings of the business. GHP Investment Advisors Inc. increased its holdings in shares of Uber Technologies by 222.7% in the 2nd quarter. GHP Investment Advisors Inc. now owns 355 shares of the ride-sharing company’s stock valued at $26,000 after acquiring an additional 245 shares during the period. Financial Management Professionals Inc. increased its stake in Uber Technologies by 111.6% in the 1st quarter. Financial Management Professionals Inc. now owns 383 shares of the ride-sharing company’s stock valued at $29,000 after buying an additional 202 shares during the period. WR Wealth Planners LLC increased its stake in Uber Technologies by 563.9% in the 2nd quarter. WR Wealth Planners LLC now owns 405 shares of the ride-sharing company’s stock valued at $29,000 after buying an additional 344 shares during the period. Bfsg LLC acquired a new position in Uber Technologies in the 4th quarter valued at $31,000. Finally, J.Safra Asset Management Corp acquired a new position in Uber Technologies in the 1st quarter valued at $32,000. 80.24% of the stock is owned by institutional investors and hedge funds.

Uber Technologies Stock Up 5.3 %

The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $144.20 billion, a price-to-earnings ratio of 111.31, a PEG ratio of 1.45 and a beta of 1.36. The firm’s 50 day simple moving average is $68.29 and its 200-day simple moving average is $70.94.

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.