Guardian Report Pressures Ride-Sharing Stock Lower

Uber said it would not make excuses for past behavior

Digital Content Manager
Jul 11, 2022 at 10:53 AM
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Uber Technologies Inc (NYSE:UBER) is in hot water this morning, after The Guardian reported the company breached taxi regulations and secretly lobbied governments in its global expansion. The newspaper referenced emails exchanged between the ride-sharing name's top executives, prompting Uber to respond with a blog post that said it would not make excuses for past behavior that is not line with its present values, while urging the public to judge the company by its recent actions.

Last seen down 3.9% to trade at $21.48, the equity is fresh off a June 30, two-year low of $19.90. Carving out a channel of lower lows since October, more recently, the shares' descending 40-day moving average has been keeping a tight lid on gains for the past two months. So far this year, UBER Is down 48.7%.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), puts have been much more popular than usual over the last 10 weeks. This is per the stock's 50-day put/call volume ratio, which sits higher than 98% of annual readings. 

Echoing this, short-term options traders have rarely been more put-biased towards Uber Technologies stock. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 0.94, which ranks in the 96h percentile of readings from the past 12 months.

 

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