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Should You Buy #1 (Strong Buy)-Ranked Uber Technologies (UBER) for Your Portfolio?
Uber Technologies was upgraded to the Zacks Rank #1 list on August 2, 2023. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Uber Technologies, based in San Francisco, CA, was incorporated in Delaware in July 2010. The company went public in May 2019. Its IPO price was $45. Uber closed its IPO on May 14. During the process, the company issued and sold 180 million shares of its common stock.
14 analysts revised their earnings estimate higher in the last 60 days for fiscal 2023, while the Zacks Consensus Estimate has increased $0.35 to $0.41 per share. UBER also boasts an average earnings surprise of 474.8%.
Earnings are forecasted to see growth of 108.8% for the current fiscal year, and sales are expected to increase 17.5%.
Additionally, UBER has climbed higher over the past four weeks, gaining 3.1%. The S&P 500 is up 0.9% in comparison.
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Uber Technologies could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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