Ride Share Stocks Rev Higher After Lifting Mask Mandate

Both equities are still sporting sizeable year-over-year deficits

Digital Content Manager
Apr 19, 2022 at 1:27 PM
facebook X logo linkedin


Ridesharing bigwigs Uber Technologies Inc (NYSE:UBER) and Lyft Inc (NASDAQ:LYFT) are on the rise today after both companies announced they were lifting their mask mandates for both drivers and passengers, starting today. This update comes after a Florida judge said on Monday that the Center for Disease Control and Prevention's (CDC) mask requirements on airplanes and public transportation overstepped their authority, with mask mandates being lifted by the Transportation Security Administration (TSA) as well as most major airlines. 

At last check, UBER was seen up 5.4% at $33.49, still a long ways from its February highs above the $62 level, but set to close atop its 10-day moving average for the first time since April 4. It's been a choppy ride lower for Uber stock since that peak, with the stock shedding 42% in the past 12 months. It's worth noting that Uber stock sits right on the cusp of being "oversold," with a 14-day Relative Strength Index (RSI) of 33, which could indicate a short-term bounce is on the horizon.

Things haven't been much easier for sector peer LYFT, which has dropped 41.3% in the past year, and is down 15% in 2022. The security was last seen up 5% at $36.35, as it tries to distance itself from its April 11 annual low of $32.35. Meanwhile, Lyft stock sport an RSI of 37. 

Options traders remain bullish on Lyft stock. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), LYFT sports a 10-day call/put volume ratio of 5.15, which stands higher than all but 4% of readings from the past year. In other words, long calls have rarely been more popular in the past 12 months. 

Uber stock's options pits reflect this optimism. In fact, at the ISE, CBOE, PHLX, 4.77 calls have been picked up for every put over the past two weeks. This ratio sits higher than 74% of annual readings, implying a healthier-than-usual appetite for long calls. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI