Uber Technologies (UBER)

by | May 25, 2022 | Daily Trade Alerts

Oversold at support dating back to April 2020, Uber Technologies (UBER) may be overdue for a bounce. Helping, CEO Dara Khosrowshahi just bought 200,000 shares of the stock between $26.64 and $26.775. All after the company told employees that Uber Technologies plans to cut costs and “react accordingly” to the unexpected change in investor sentiment.

Better, in its most recent quarter, “Uber said revenue grew more than twofold from a year earlier to $6.85 billion. Analysts polled by FactSet expected revenue of $6.09 billion. Revenue was also helped by high ride prices,” as noted by The Wall Street Journal.

“Uber said growth is expected to continue this quarter. It said that the value of rides booked in April exceeded 2019 levels and that it expects the total value of bookings in the current quarter to be between $28.5 billion and $29.5 billion. Wall Street expected $28.39 billion in bookings value for the quarter that ends in June.”

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