Technology-enabled mobility services provider Uber Technologies, Inc. (UBER) recently revealed that it has joined hands with a multi-specialty telehealth platform, Hims & Hers Health, Inc., to deliver its products to customers through Uber Eats app and Postmates, a separate delivery app owned by Uber.
Following the news, shares of the company declined 2% on Monday. The stock, however, pared its losses slightly to close at $39.84 in the extended trading session.
Details of the Partnership
With this partnership, the customers of Uber Eats will be able to order a wide array of Hims & Hers’ products — ranging from items associated with sexual wellness to personal care like sleep gummies, hair care products and kits, skincare items, and more.
Initially, the service will be available in Los Angeles, San Francisco, Sacramento, Miami, Houston, Austin, Dallas, San Antonio, Philadelphia, Seattle, Atlanta and Phoenix.
Management Commentary
The Head of U.S. Uber Eats Partnerships, Beryl Sanders, said, “Through our technology and logistics expertise, we’re able to bring Hims & Hers directly to consumers at the tap of a button across the country, and we’re thrilled to continue to expand this partnership in the near future.”
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Price Target
Recently, Morgan Stanley analyst Brian Nowak reiterated a Buy rating on the stock with a price target of $72, which implies upside potential of 81.4% from current levels.
Consensus among analysts is a Strong Buy based on 19 Buys and 1 Hold. The average Uber price target of $69.75 implies upside potential of 75.7% from current levels. Shares of UBER have declined 20.1% over the past year.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Uber’s performance this quarter.
According to the tool, the website of Uber recorded an 11.43% monthly rise in global visits in October against the same period last year. Further, the website traffic has grown 15.07% year-to-date.
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