In the latest trading session, Uber Technologies (UBER - Free Report) closed at $29, marking a -0.51% move from the previous day. This change was narrower than the S&P 500's daily loss of 1.79%. At the same time, the Dow lost 1.86%, and the tech-heavy Nasdaq lost 1.56%.
Heading into today, shares of the ride-hailing company had lost 5.05% over the past month, lagging the Computer and Technology sector's gain of 1.04% and the S&P 500's gain of 0.72% in that time.
Investors will be hoping for strength from UBER as it approaches its next earnings release.
It is also important to note the recent changes to analyst estimates for UBER. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.65% higher. UBER is currently sporting a Zacks Rank of #3 (Hold).
The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 169, putting it in the bottom 34% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.