Wells Fargo & Company Forecasts Strong Price Appreciation for Uber Technologies (NYSE:UBER) Stock

Uber Technologies (NYSE:UBER) had its price objective hoisted by Wells Fargo & Company from $87.00 to $90.00 in a research report released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the ride-sharing company’s stock.

A number of other research firms also recently weighed in on UBER. Wolfe Research increased their price target on shares of Uber Technologies from $90.00 to $92.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Piper Sandler reaffirmed an “overweight” rating and issued a $87.00 target price (up from $80.00) on shares of Uber Technologies in a research report on Tuesday, February 18th. The Goldman Sachs Group reissued a “buy” rating and set a $96.00 price target on shares of Uber Technologies in a research report on Thursday, January 2nd. Evercore ISI cut their price objective on Uber Technologies from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Thursday, February 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $82.00 target price on shares of Uber Technologies in a report on Thursday, February 6th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Uber Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $90.41.

Uber Technologies Stock Performance

Uber Technologies stock opened at $64.50 on Thursday. The stock has a fifty day moving average price of $73.75 and a 200 day moving average price of $71.75. The company has a current ratio of 1.07, a quick ratio of 1.41 and a debt-to-equity ratio of 0.37. Uber Technologies has a 52 week low of $54.84 and a 52 week high of $87.00. The firm has a market capitalization of $134.92 billion, a P/E ratio of 14.14, a PEG ratio of 0.89 and a beta of 1.37.

Uber Technologies (NYSE:UBER) last announced its quarterly earnings data on Wednesday, February 5th. The ride-sharing company reported $3.21 earnings per share for the quarter, topping the consensus estimate of $0.50 by $2.71. Uber Technologies had a net margin of 22.41% and a return on equity of 62.60%. Equities research analysts anticipate that Uber Technologies will post 2.54 earnings per share for the current year.

Insider Activity at Uber Technologies

In related news, insider Tony West sold 23,404 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $70.27, for a total value of $1,644,599.08. Following the completion of the sale, the insider now directly owns 114,241 shares of the company’s stock, valued at $8,027,715.07. The trade was a 17.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jill Hazelbaker sold 31,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $81.02, for a total value of $2,511,620.00. Following the transaction, the insider now directly owns 86,973 shares in the company, valued at approximately $7,046,552.46. This represents a 26.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,154 shares of company stock valued at $5,793,869 over the last ninety days. Corporate insiders own 3.84% of the company’s stock.

Hedge Funds Weigh In On Uber Technologies

A number of hedge funds have recently added to or reduced their stakes in UBER. Quent Capital LLC boosted its holdings in shares of Uber Technologies by 8.3% in the 1st quarter. Quent Capital LLC now owns 2,926 shares of the ride-sharing company’s stock valued at $213,000 after buying an additional 223 shares during the period. Farmers Trust Co. lifted its holdings in Uber Technologies by 49.7% in the first quarter. Farmers Trust Co. now owns 67,840 shares of the ride-sharing company’s stock worth $4,943,000 after acquiring an additional 22,517 shares during the last quarter. Moody National Bank Trust Division boosted its stake in Uber Technologies by 6.0% in the first quarter. Moody National Bank Trust Division now owns 19,166 shares of the ride-sharing company’s stock valued at $1,396,000 after acquiring an additional 1,085 shares during the period. Legacy Private Trust Co. bought a new position in shares of Uber Technologies during the first quarter valued at approximately $2,913,000. Finally, Versant Capital Management Inc raised its position in shares of Uber Technologies by 251.3% during the 1st quarter. Versant Capital Management Inc now owns 4,398 shares of the ride-sharing company’s stock worth $320,000 after purchasing an additional 3,146 shares during the period. Institutional investors and hedge funds own 80.24% of the company’s stock.

Uber Technologies Company Profile

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.