Uber Technologies (UBER) saw its shares rise by 10.8% to $86.34 in the latest trading session. This surge was fueled by a high volume of trading activity, indicating increased investor interest. Over the past month, the stock has gained 14.4%.
This increase can largely be attributed to the lackluster Robotaxi event held by Tesla (TSLA). Investors were disappointed by the insufficient details regarding Tesla’s advancements in full self-driving technology, which ultimately dampened excitement around its ride-sharing strategy. As a result, shares of companies like UBER benefited from the situation.
Looking ahead, Uber is projected to report quarterly earnings of $0.41 per share, reflecting a staggering 310% increase year-over-year. Revenue expectations stand at $11 billion, which marks an 18.4% rise compared to the same period last year.
Earnings and revenue growth play crucial roles in assessing a stock’s potential. Research has shown that revisions in earnings estimates are closely linked to short-term stock price movements. For Uber, the consensus EPS estimate has risen by 3.8% in the last month, suggesting a positive trend that could lead to price increases. Investors should monitor UBER for additional growth opportunities.
Currently, the stock holds a Zacks Rank of #3 (Hold). A complete list of today’s Zacks Rank #1 (Strong Buy) stocks is available here.
As part of the Zacks Internet – Services industry, Uber faces competition from Baidu Inc. (BIDU), which experienced a minor decline of 0.3% to $103.80 in the last session. Over the past month, Baidu has returned 23.8%.
Baidu’s consensus EPS estimate for its upcoming report has remained steady at $2.73, indicating a 2.5% decrease from the previous year. Baidu also has a Zacks Rank of #3 (Hold).
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Uber Technologies, Inc. (UBER) : Free Stock Analysis Report
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Tesla, Inc. (TSLA) : Free Stock Analysis Report
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
