Stocks Analysis by MarketBeat.com (Sam Quirke) covering: Uber Technologies Inc. Read MarketBeat.com (Sam Quirke)'s latest article on Investing.com
Though they topped expectations on revenue, forward guidance came in light.On a day when the broader market managed to finish flat, if not slightly up, shares of Uber Technologies dropped more than 5%. It could have been worse, with the ride-sharing Company's stock trading down almost 10% at one point before a late rally.
So when Uber essentially said they expect to close less revenue than previously forecasted, the shares have to be repriced to the downside. Hence the drop. If you're an investor, this will be a tough pill to swallow, especially as it's only a few weeks since Uber was trading at all-time highs. Perhaps even more importantly, a host of analysts reiterated their Buy rating on Uber shares in the aftermath of yesterday's report. Take Wedbush, for example, who did just that. Needham & Company, too, gave Uber shares a fresh price target of $90.
Eventually, they'll be forced to give in, yesterday's gap down will be closed, and the recovery rally that the likes of Needham are expecting will be able to materialize. It's worth noting that much of Uber's drop in the past two months coincided with the broader market dip, so with the major indices starting to recover this week, it could be perfect timing for Uber also to kick off a fresh recovery rally of its own.
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