Uber Technologies (UBER) unveiled a brand new membership program, Uber One, for a monthly price of $9.99 or an annual equivalent price of $99.99.
Shares of the mobility services provider were down 3.6% on November 17 to close at $44.11. (See Uber stock charts on TipRanks)
Details of the Membership
Under the new membership program, members will enjoy privileged access to all Uber services, including rides, delivery, and groceries. Members can avail the benefits of special pricing, priority service, and other exclusive perks.
Members will also get unlimited free delivery on orders of $15 and above, and on grocery orders of $30 and above.
Additionally, members will get $5 in Uber Cash on eligible deliveries, if the Latest Arrival Estimate of an order is wrong.
The annual plan will be available at a 50% discounted price of $49.99 from November 17 to November 29.
Management Weighs In
Awaneesh Verma, Head of Membership at Uber, commented, “We want our customers to experience firsthand how Uber can make their every day more effortless.”
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Analysts Recommendation
On November 17, Goldman Sachs analyst Eric Sheridan reiterated a Buy rating on Uber Technologies with the price target of $64 (45.09% upside potential).
Consensus among analysts is a Strong Buy based on 19 Buys and 1 Holds. The average Uber price target of $69.75 implies upside potential of 58.13% from current levels.
TipRanks 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 Uber website recorded an 11.4% monthly rise in global visits in October. Furthermore, year-to-date, website traffic rose 15.1%.
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