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Uber (UBER) Moves 10.8% Higher: Will This Strength Last?
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Uber Technologies (UBER - Free Report) shares ended the last trading session 10.8% higher at $86.34. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.4% gain over the past four weeks.
The uptick was owing to Tesla's (TSLA - Free Report) disappointing Robotaxi event. The event failed to excite investors due to the lack of detail provided by TSLA on its latest full self-driving technology advancements. TSLA’s failure to provide insight on its ride-sharing service strategy also dampaned enthusiasm of investors. Tesla's unimpressive event buoyed shares of ride-sharing companies like UBER.
This ride-hailing company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents a year-over-year change of +310%. Revenues are expected to be $11 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 3.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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 a member of the Zacks Internet - Services industry. One other stock in the same industry, Baidu Inc. (BIDU - Free Report) , finished the last trading session 0.3% lower at $103.80. BIDU has returned 23.8% over the past month.
For Baidu Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.73. This represents a change of -2.5% from what the company reported a year ago. Baidu Inc. currently has a Zacks Rank of #3 (Hold).
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Uber (UBER) Moves 10.8% Higher: Will This Strength Last?
Uber Technologies (UBER - Free Report) shares ended the last trading session 10.8% higher at $86.34. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.4% gain over the past four weeks.
The uptick was owing to Tesla's (TSLA - Free Report) disappointing Robotaxi event. The event failed to excite investors due to the lack of detail provided by TSLA on its latest full self-driving technology advancements. TSLA’s failure to provide insight on its ride-sharing service strategy also dampaned enthusiasm of investors. Tesla's unimpressive event buoyed shares of ride-sharing companies like UBER.
This ride-hailing company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents a year-over-year change of +310%. Revenues are expected to be $11 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 3.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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 a member of the Zacks Internet - Services industry. One other stock in the same industry, Baidu Inc. (BIDU - Free Report) , finished the last trading session 0.3% lower at $103.80. BIDU has returned 23.8% over the past month.
For Baidu Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.73. This represents a change of -2.5% from what the company reported a year ago. Baidu Inc. currently has a Zacks Rank of #3 (Hold).