Uber Technologies (NYSE:UBER) Price Target Cut to $53.00

Uber Technologies (NYSE:UBER) had its price objective cut by Morgan Stanley from $57.00 to $53.00 in a report published on Thursday morning, BenzingaRatingsTable reports. They currently have an overweight rating on the ride-sharing company’s stock. The analysts noted that the move was a valuation call.

Several other equities research analysts also recently weighed in on the stock. Daiwa Capital Markets initiated coverage on shares of Uber Technologies in a research note on Tuesday, June 25th. They set a neutral rating on the stock. HSBC initiated coverage on shares of Uber Technologies in a research note on Monday, July 22nd. They set a hold rating and a $49.00 target price on the stock. Mizuho initiated coverage on shares of Uber Technologies in a research note on Tuesday, June 4th. They set a buy rating and a $50.00 target price on the stock. Cowen upped their target price on shares of Uber Technologies from $58.00 to $60.00 and gave the stock a positive rating in a research note on Friday, August 9th. Finally, Evercore ISI reaffirmed a buy rating on shares of Uber Technologies in a research note on Sunday, August 11th. Ten equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Uber Technologies presently has an average rating of Buy and an average price target of $53.50.

Uber Technologies stock opened at $33.25 on Thursday. The company has a 50 day moving average of $36.41. Uber Technologies has a 1 year low of $30.67 and a 1 year high of $47.08. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.36.

Uber Technologies (NYSE:UBER) last announced its earnings results on Thursday, August 8th. The ride-sharing company reported ($4.72) earnings per share for the quarter, missing the consensus estimate of ($3.33) by ($1.39). The company had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the prior year, the firm posted ($2.01) earnings per share. The firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. On average, research analysts forecast that Uber Technologies will post -7.08 EPS for the current year.

Several institutional investors have recently modified their holdings of the company. SB Investment Advisers UK Ltd. acquired a new stake in Uber Technologies during the 2nd quarter worth $10,306,943,000. BlackRock Inc. acquired a new stake in Uber Technologies during the 2nd quarter worth $1,020,876,000. Dragoneer Investment Group LLC acquired a new stake in Uber Technologies during the 2nd quarter worth $986,048,000. Morgan Stanley acquired a new stake in Uber Technologies during the 2nd quarter worth $960,067,000. Finally, ICONIQ Capital LLC acquired a new stake in Uber Technologies during the 2nd quarter worth $737,300,000. Institutional investors and hedge funds own 45.32% of the company’s stock.

About Uber Technologies

Uber Technologies, Inc develops and supports proprietary technology applications that enable independent providers of ridesharing, and meal preparation and delivery services to transact with end-users worldwide. The company operates in two segments, Core Platform and Other Bets. Its driver partners provide ridesharing services through a range of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis, as well as based on the number of riders under the UberBLACK, UberX, UberPOOL, Express POOL, and Uber Bus names; and restaurant and delivery partners provide meal preparation and delivery services under the Uber Eats name.

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