Uber Technologies (NYSE:UBER) Trading Down 5% on Analyst Downgrade

Shares of Uber Technologies Inc (NYSE:UBER) were down 5% on Wednesday after Barclays lowered their price target on the stock from $50.00 to $40.00. Barclays currently has an overweight rating on the stock. Uber Technologies traded as low as $27.97 and last traded at $26.63, approximately 103,017,428 shares were traded during mid-day trading. An increase of 1,012% from the average daily volume of 9,265,123 shares. The stock had previously closed at $28.02.

A number of other equities research analysts have also weighed in on UBER. Wells Fargo & Co started coverage on Uber Technologies in a research report on Thursday, September 26th. They issued a “market perform” rating and a $41.00 price objective on the stock. Guggenheim started coverage on Uber Technologies in a research report on Thursday, October 24th. They issued a “buy” rating and a $40.00 price objective on the stock. Morgan Stanley cut their price objective on Uber Technologies from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. They noted that the move was a valuation call. Raymond James set a $54.00 price objective on Uber Technologies and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, JMP Securities reiterated an “outperform” rating on shares of Uber Technologies in a research report on Tuesday, August 13th. Twelve research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $50.75.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC purchased a new position in shares of Uber Technologies in the 3rd quarter valued at approximately $25,000. Legacy Advisors LLC purchased a new position in Uber Technologies during the second quarter valued at $26,000. Avestar Capital LLC purchased a new position in Uber Technologies during the second quarter valued at $27,000. Sound Income Strategies LLC purchased a new position in Uber Technologies during the second quarter valued at $28,000. Finally, Farmers & Merchants Investments Inc. purchased a new position in Uber Technologies during the third quarter valued at $30,000. Institutional investors own 45.32% of the company’s stock.

The business’s 50 day simple moving average is $31.26. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.36.

Uber Technologies (NYSE:UBER) last announced its quarterly earnings data on Monday, November 4th. The ride-sharing company reported ($0.68) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.83) by $0.15. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.68 billion. The company’s revenue for the quarter was up 29.5% compared to the same quarter last year. Analysts expect that Uber Technologies Inc will post -7.06 earnings per share for the current fiscal year.

About Uber Technologies (NYSE:UBER)

Uber Technologies, Inc develops and supports proprietary technology applications that enable independent providers of ridesharing, and meal preparation and delivery services to transact with end-users worldwide. The company operates in two segments, Core Platform and Other Bets. Its driver partners provide ridesharing services through a range of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis, as well as based on the number of riders under the UberBLACK, UberX, UberPOOL, Express POOL, and Uber Bus names; and restaurant and delivery partners provide meal preparation and delivery services under the Uber Eats name.

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