Uber Technologies (UBER - Free Report) will be selling off its flying taxi unit, Uber Elevate, to Joby Aviation, a California-based startup developing electric aircraft.
As part of the acquisition deal, Uber will invest $75 million in Joby. This investment is in addition to a previously undisclosed investment of $50 million in the startup in January 2020. Additionally, the two companies will integrate their services into each other's apps.
Financial terms of the agreement were undisclosed. Subject to customary closing conditions, the transaction is expected to close in the first quarter of 2021.
Zacks Rank & Key Picks
Uber currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Zacks Internet - Services industry are Baidu (BIDU - Free Report) , The Trade Desk (TTD - Free Report) and Marchex (MCHX - Free Report) . While Baidu and The Trade Desk sport a Zacks Rank #1 (Strong Buy), Marchex carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Baidu, The Trade Desk and Marchex have rallied more than 24%, 100% and 44% in the past six months, respectively.
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Uber Technologies (UBER - Free Report) will be selling off its flying taxi unit, Uber Elevate, to Joby Aviation, a California-based startup developing electric aircraft.
As part of the acquisition deal, Uber will invest $75 million in Joby. This investment is in addition to a previously undisclosed investment of $50 million in the startup in January 2020. Additionally, the two companies will integrate their services into each other's apps.
Financial terms of the agreement were undisclosed. Subject to customary closing conditions, the transaction is expected to close in the first quarter of 2021.
Zacks Rank & Key Picks
Uber currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Zacks Internet - Services industry are Baidu (BIDU - Free Report) , The Trade Desk (TTD - Free Report) and Marchex (MCHX - Free Report) . While Baidu and The Trade Desk sport a Zacks Rank #1 (Strong Buy), Marchex carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Baidu, The Trade Desk and Marchex have rallied more than 24%, 100% and 44% in the past six months, respectively.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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