Uber Technologies (NYSE:UBER) Releases Quarterly Earnings Results, Beats Estimates By $2.44 EPS

Uber Technologies (NYSE:UBER) announced its earnings results on Tuesday. The ride-sharing company reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $2.44, Zacks reports. The company had revenue of $13.47 billion for the quarter, compared to analysts’ expectations of $13.25 billion. Uber Technologies had a return on equity of 59.96% and a net margin of 26.68%.Uber Technologies’s quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 earnings per share.

Uber Technologies Stock Down 7.7%

UBER stock traded down $7.66 on Tuesday, reaching $92.06. 24,497,317 shares of the company traded hands, compared to its average volume of 20,637,604. The firm has a fifty day simple moving average of $95.66 and a 200-day simple moving average of $90.79. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.11 and a quick ratio of 1.11. Uber Technologies has a one year low of $59.33 and a one year high of $101.99. The company has a market cap of $191.99 billion, a P/E ratio of 15.70 and a beta of 1.48.

Analysts Set New Price Targets

Several research analysts recently issued reports on UBER shares. Roth Capital lifted their target price on Uber Technologies from $93.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, July 14th. Wedbush cut their price objective on Uber Technologies from $85.00 to $84.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company cut their price objective on Uber Technologies from $127.00 to $125.00 and set an “overweight” rating on the stock in a research report on Friday, October 3rd. Morgan Stanley reissued an “overweight” rating and issued a $115.00 price objective (up previously from $95.00) on shares of Uber Technologies in a research report on Monday, July 21st. Finally, Bank of America boosted their price objective on Uber Technologies from $97.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $106.82.

Insider Buying and Selling

In related news, CEO Dara Khosrowshahi sold 300,000 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $95.37, for a total value of $28,611,000.00. Following the completion of the sale, the chief executive officer owned 1,132,544 shares in the company, valued at approximately $108,010,721.28. The trade was a 20.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Nikki Krishnamurthy sold 11,571 shares of the firm’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $91.74, for a total value of $1,061,523.54. Following the transaction, the senior vice president owned 416,222 shares in the company, valued at approximately $38,184,206.28. This represents a 2.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 604,946 shares of company stock valued at $58,950,116 in the last quarter. 3.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of UBER. Osterweis Capital Management Inc. boosted its position in shares of Uber Technologies by 66.2% during the second quarter. Osterweis Capital Management Inc. now owns 778 shares of the ride-sharing company’s stock worth $73,000 after buying an additional 310 shares during the period. McIlrath & Eck LLC grew its stake in shares of Uber Technologies by 248.1% in the second quarter. McIlrath & Eck LLC now owns 818 shares of the ride-sharing company’s stock worth $76,000 after acquiring an additional 583 shares in the last quarter. Gallagher Fiduciary Advisors LLC acquired a new position in shares of Uber Technologies in the second quarter worth $221,000. Bison Wealth LLC lifted its position in shares of Uber Technologies by 20.3% during the 4th quarter. Bison Wealth LLC now owns 3,792 shares of the ride-sharing company’s stock worth $229,000 after purchasing an additional 641 shares during the last quarter. Finally, Connecticut Wealth Management LLC purchased a new stake in shares of Uber Technologies during the 2nd quarter worth $230,000. 80.24% of the stock is currently owned by hedge funds and other institutional investors.

Uber Technologies Company Profile

Uber Technologies, Inc develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia excluding China and Southeast Asia. It operates through three segments: Mobility, Delivery, and Freight. The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services.