In the latest trading session, Uber Technologies (UBER - Free Report) closed at $29.99, marking a -0.46% move from the previous day. This move lagged the S&P 500's daily gain of 0.45%. Meanwhile, the Dow gained 0.49%, and the Nasdaq, a tech-heavy index, added 0.67%.
Prior to today's trading, shares of the ride-hailing company had gained 7.49% over the past month. This has outpaced the Computer and Technology sector's gain of 2.67% and the S&P 500's gain of 2.44% in that time.
Wall Street will be looking for positivity from UBER as it approaches its next earnings report date.
It is also important to note the recent changes to analyst estimates for UBER. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.91% lower. 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 95, putting it in the top 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.