Uber Stock Revs Up After Impressive Quarterly Win

More than 136,000 UBER calls have been traded following the event

Deputy Editor
Feb 8, 2023 at 10:05 AM
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Uber Technologies Inc (NYSE:UBER) reported fourth-quarter earnings of 29 cents per share on revenue of $8.6 billion Wednesday, both of which beat analysts' estimates.

Uber was forecasted to report losses of 18 cents per share on revenue of $8.49 billion. However, revenue rose 49% year-over-year thanks to growth in its mobility segment, and CEO Dara Khosrowshahi said in a prepared statement that the company closed 2022 with its "strongest quarter ever" to mark its "strongest year."

Last seen 4.9% higher at $36.62, Uber's shares are trading at their highest level since late March. Now on track for a sixth-straight win, UBER is back above its 320-day moving average, for the first time since November 2021. The ride-sharing stock is more than 50% higher year-to-date and now contending with its year-over-year breakeven level.

Calls are all the rage in the options pits this morning, with the 136,000 traded so far equating to 19 times the intraday average volume. However, 32,000 puts have also been exchanged, which is six times the amount typically seen at this point. Most popular is the weekly 2/10 34.50-strike call, while new positions are being opened at the second most popular contract, the April 32.50 call.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Uber stock's 50-day put/call volume ratio sits in the 91st percentile of annual readings. This indicates that over the last 10 weeks, bearish bets were the favored choice.


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