The stock of Uber Technologies, Inc. (NYSE:UBER) is now priced at $33.63 and the shares are -0.17 points down or -0.5% lower compared to its previous closing price of $33.8. The stock had 13.609 million contracts set over the past session. UBER shares’ daily volume is compared to its average trading volume at 22.072 million shares. However, it has a float of 1630 million and although its performance was 8.34% over the week, it’s one to watch. Analysts have given the UBER stock a yearly average price target of $41.22 per share. It means the stock’s upside potential is 22.57% with the UBER share price recently placing at $33.1401 to $33.92. However, some brokerage firms have priced the stock below the average, including one that has called $19.
The shorts are running away from the Uber Technologies, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the UBER shares have declined. Short interest in the stock represents just 3.13% of its float, but the volume has dropped by 0.
In the last trading session, Uber Technologies, Inc. (NYSE:UBER) raised by $2.59 over the week and gained $2.44 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $41.86. The stock recorded its established 52-week high on 02/12/20.
Since 03/18/20, the stock has traded to a low of $13.71 at 145.3%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Uber Technologies, Inc.’s two-week RSI is 61.29. This suggests that the stock is neutral at the moment and that UBER shares’ price movement remains stable. The stochastic readings are equally revealing at 94.56% meaning the UBER share price is currently in oversold territory.
The technical chart shows that the UBER stock will likely settle at between $33.99 and $34.34 per share. However, if the stock dips below $33.21, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $32.78.
Currently, the stock is trading in the green of MACD, with a reading of 1.59. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Daiwa Securities raised their recommendation for UBER from Neutral to Outperform in August 21 review while maintain their target price of $34. Raymond James analysts see the stock as a Mkt Perform in a flash note released to investors on July 22 resuming covering the stock. BTIG Research analysts see the stock as Buy when the analysts initiated the share price coverage on June 11.
The average rating for the UBER equity is 1.87 and is currently gathering a bullish momentum. Of 39 analysts tracking Uber Technologies, Inc. polled by Reuters, 4 rated UBER as a hold. The remaining 35 analysts were split evenly. However, the split wasn’t equal as a majority (33) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Uber Technologies, Inc. (NYSE:UBER) will increase by about 42.86%, which will see them reach $3210 million. The company’s full-year revenues are, however, expected to diminish by about -9.19%, down from $14200 million to $12900 million. UBER’s expected adjusted earnings should drop almost -4.41% to end up at -$0.65 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -43.47% to record -$3.85/share.