Wedbush Cuts Uber Technologies (NYSE:UBER) Price Target to $45.00

Uber Technologies (NYSE:UBER) had its price objective reduced by Wedbush from $58.00 to $45.00 in a research note published on Tuesday, The Fly reports. Wedbush currently has an outperform rating on the ride-sharing company’s stock. Wedbush also issued estimates for Uber Technologies’ Q4 2019 earnings at ($0.71) EPS, FY2019 earnings at ($6.93) EPS, Q1 2020 earnings at ($0.63) EPS, Q2 2020 earnings at ($0.56) EPS, Q3 2020 earnings at ($0.50) EPS, Q4 2020 earnings at ($0.40) EPS, FY2020 earnings at ($2.09) EPS, Q1 2021 earnings at ($0.38) EPS, Q2 2021 earnings at ($0.32) EPS, Q3 2021 earnings at ($0.29) EPS and FY2021 earnings at ($1.21) EPS.

A number of other brokerages have also recently commented on UBER. Oppenheimer set a $55.00 price target on shares of Uber Technologies and gave the company a buy rating in a research note on Friday, August 9th. Stifel Nicolaus reissued a hold rating and issued a $50.00 price target on shares of Uber Technologies in a report on Wednesday, October 23rd. Wells Fargo & Co began coverage on shares of Uber Technologies in a research note on Thursday, September 26th. They issued a market perform rating and a $41.00 price objective for the company. Raymond James set a $54.00 price objective on shares of Uber Technologies and gave the company a buy rating in a research note on Monday, September 30th. Finally, Guggenheim began coverage on shares of Uber Technologies in a research note on Thursday, October 24th. They issued a buy rating and a $40.00 price objective for the company. Twelve investment analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $50.75.

Uber Technologies stock traded down $0.37 during mid-day trading on Tuesday, reaching $27.01. The company had a trading volume of 42,647,543 shares, compared to its average volume of 13,990,077. The company has a fifty day moving average of $30.99. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.57 and a quick ratio of 2.57. Uber Technologies has a fifty-two week low of $25.58 and a fifty-two week high of $47.08.

Uber Technologies (NYSE:UBER) last posted its quarterly earnings results on Monday, November 4th. The ride-sharing company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($0.83) by $0.15. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.68 billion. The firm’s quarterly revenue was up 29.5% compared to the same quarter last year. On average, analysts expect that Uber Technologies will post -7.18 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. SB Investment Advisers UK Ltd. acquired a new position in shares of Uber Technologies during the second quarter valued at about $10,306,943,000. BlackRock Inc. purchased a new stake in Uber Technologies during the second quarter worth $1,020,876,000. Dragoneer Investment Group LLC purchased a new stake in Uber Technologies during the second quarter worth $986,048,000. Morgan Stanley purchased a new stake in Uber Technologies during the second quarter worth $960,067,000. Finally, ICONIQ Capital LLC purchased a new stake in Uber Technologies during the second quarter worth $737,300,000. 45.32% of the stock is owned by institutional investors and hedge funds.

Uber Technologies Company Profile

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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