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Uber (UBER) Surges 6.5%: Is This an Indication of Further Gains?
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Uber Technologies (UBER - Free Report) shares soared 6.5% in the last trading session to close at $72.48. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.4% loss over the past four weeks.
The uptick was owing to the expansion of UBER's partnership on Robotaxis with Waymo. The partnership has expanded to Austin and Atlanta. From early next year, riders in Austin and Atlanta can hail an autonomous Waymo Jaguar vehicle from within Uber, The expansion of the Waymo deal is in line with Uber's focus on autonomous vehicles.
This ride-hailing company is expected to post quarterly earnings of $0.39 per share in its upcoming report, which represents a year-over-year change of +290%. Revenues are expected to be $11.01 billion, up 18.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Uber, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on UBER going forward to see if this recent jump can turn into more strength down the road.
Uber is part of the Zacks Internet - Services industry. DoorDash, Inc. (DASH - Free Report) , another stock in the same industry, closed the last trading session 0.9% higher at $131.35. DASH has returned -0.1% in the past month.
For DoorDash, the consensus EPS estimate for the upcoming report has changed +8.9% over the past month to $0.20. This represents a change of +205.3% from what the company reported a year ago. DoorDash currently has a Zacks Rank of #3 (Hold).
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Uber (UBER) Surges 6.5%: Is This an Indication of Further Gains?
Uber Technologies (UBER - Free Report) shares soared 6.5% in the last trading session to close at $72.48. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.4% loss over the past four weeks.
The uptick was owing to the expansion of UBER's partnership on Robotaxis with Waymo. The partnership has expanded to Austin and Atlanta. From early next year, riders in Austin and Atlanta can hail an autonomous Waymo Jaguar vehicle from within Uber, The expansion of the Waymo deal is in line with Uber's focus on autonomous vehicles.
This ride-hailing company is expected to post quarterly earnings of $0.39 per share in its upcoming report, which represents a year-over-year change of +290%. Revenues are expected to be $11.01 billion, up 18.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Uber, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on UBER going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Uber is part of the Zacks Internet - Services industry. DoorDash, Inc. (DASH - Free Report) , another stock in the same industry, closed the last trading session 0.9% higher at $131.35. DASH has returned -0.1% in the past month.
For DoorDash, the consensus EPS estimate for the upcoming report has changed +8.9% over the past month to $0.20. This represents a change of +205.3% from what the company reported a year ago. DoorDash currently has a Zacks Rank of #3 (Hold).