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Uber Technologies (UBER) Gains As Market Dips: What You Should Know

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Uber Technologies (UBER - Free Report) ended the recent trading session at $43.04, demonstrating a +0.19% swing from the preceding day's closing price. The stock exceeded the S&P 500, which registered a loss of 0.17% for the day. Elsewhere, the Dow lost 0.58%, while the tech-heavy Nasdaq added 0.27%.

The the stock of ride-hailing company has fallen by 3.27% in the past month, lagging the Computer and Technology sector's loss of 2.16% and overreaching the S&P 500's loss of 3.95%.

The investment community will be closely monitoring the performance of Uber Technologies in its forthcoming earnings report. The company is scheduled to release its earnings on November 7, 2023. The company is predicted to post an EPS of $0.13, indicating a 121.31% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $9.47 billion, up 13.54% from the prior-year quarter.

UBER's full-year Zacks Consensus Estimates are calling for earnings of $0.42 per share and revenue of $37.43 billion. These results would represent year-over-year changes of +109.03% and +17.42%, respectively.

It is also important to note the recent changes to analyst estimates for Uber Technologies. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 last 30 days, the Zacks Consensus EPS estimate has moved 0.34% higher. As of now, Uber Technologies holds a Zacks Rank of #1 (Strong Buy).

In the context of valuation, Uber Technologies is at present trading with a Forward P/E ratio of 103.34. This represents a premium compared to its industry's average Forward P/E of 24.71.

The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 101, putting it in the top 41% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow UBER in the coming trading sessions, be sure to utilize Zacks.com.


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