Why Uber Stock Is Retreating Today

·2-min read
Why Uber Stock Is Retreating Today

Shares of the ride-hailing company Uber Technologies (NYSE: UBER) were sliding today despite an analyst maintaining his buy rating on the stock and raising his price target for Uber's shares. The drop comes a day after a California appeals court ruled that Uber drivers can be classified as independent contractors and not employees. Investors jumped on the stock yesterday on that news, but they may be pulling back today as they weigh the broader sentiment in the stock market.