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Needham Thinks Uber Technologies’ Stock is Going to Recover

Needham analyst Bernie McTernan maintained a Buy rating on Uber Technologies (UBERResearch Report) today and set a price target of $50.00. The company’s shares closed last Monday at $24.73, close to its 52-week low of $21.28.

According to TipRanks.com, McTernan has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -20.6% and a 28.4% success rate. McTernan covers the Technology sector, focusing on stocks such as Genius Sports Limited, Zillow Group Class C, and Fiverr International.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Uber Technologies with a $49.71 average price target, representing a 100.0% upside. In a report issued on May 23, Bernstein also initiated coverage with a Buy rating on the stock with a $35.00 price target.

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Based on Uber Technologies’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $6.85 billion and GAAP net loss of $5.93 billion. In comparison, last year the company earned revenue of $2.9 billion and had a GAAP net loss of $108 million.

Based on the recent corporate insider activity of 108 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of UBER in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Founded in 2009, Uber Technologies, Inc. is a San Francisco, California-based transportation networking company that offers a ride-hailing service. It also has a food order and delivery business called Uber Eats, and a freight transportation business called Uber Freight.

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