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Why Uber Technologies (UBER) Dipped More Than Broader Market Today
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Uber Technologies (UBER - Free Report) ended the recent trading session at $66.27, demonstrating a -1.68% swing from the preceding day's closing price. This move lagged the S&P 500's daily loss of 1.57%. Meanwhile, the Dow lost 1.49%, and the Nasdaq, a tech-heavy index, lost 2.04%.
The ride-hailing company's shares have seen a decrease of 11.78% over the last month, not keeping up with the Computer and Technology sector's loss of 2.27% and the S&P 500's loss of 2.5%.
Investors will be eagerly watching for the performance of Uber Technologies in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 8, 2024. The company is forecasted to report an EPS of $0.21, showcasing a 362.5% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $10.07 billion, up 14.14% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.23 per share and a revenue of $43.28 billion, signifying shifts of +41.38% and +16.09%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Uber Technologies. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.14% upward. Uber Technologies is currently a Zacks Rank #1 (Strong Buy).
Investors should also note Uber Technologies's current valuation metrics, including its Forward P/E ratio of 54.93. For comparison, its industry has an average Forward P/E of 24.21, which means Uber Technologies is trading at a premium to the group.
It is also worth noting that UBER currently has a PEG ratio of 1.06. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Internet - Services was holding an average PEG ratio of 2.06 at yesterday's closing price.
The Internet - Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 26, finds itself in the top 11% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Why Uber Technologies (UBER) Dipped More Than Broader Market Today
Uber Technologies (UBER - Free Report) ended the recent trading session at $66.27, demonstrating a -1.68% swing from the preceding day's closing price. This move lagged the S&P 500's daily loss of 1.57%. Meanwhile, the Dow lost 1.49%, and the Nasdaq, a tech-heavy index, lost 2.04%.
The ride-hailing company's shares have seen a decrease of 11.78% over the last month, not keeping up with the Computer and Technology sector's loss of 2.27% and the S&P 500's loss of 2.5%.
Investors will be eagerly watching for the performance of Uber Technologies in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 8, 2024. The company is forecasted to report an EPS of $0.21, showcasing a 362.5% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $10.07 billion, up 14.14% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.23 per share and a revenue of $43.28 billion, signifying shifts of +41.38% and +16.09%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Uber Technologies. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.14% upward. Uber Technologies is currently a Zacks Rank #1 (Strong Buy).
Investors should also note Uber Technologies's current valuation metrics, including its Forward P/E ratio of 54.93. For comparison, its industry has an average Forward P/E of 24.21, which means Uber Technologies is trading at a premium to the group.
It is also worth noting that UBER currently has a PEG ratio of 1.06. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Internet - Services was holding an average PEG ratio of 2.06 at yesterday's closing price.
The Internet - Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 26, finds itself in the top 11% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.