Uber Stock Falters Despite Quarterly Win, Upbeat Forecast

The equity still sports a 98% year-over-year lead, however

Digital Content Manager
Feb 7, 2024 at 10:16 AM
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Uber Technologies Inc (NYSE:UBER) is brushing off a top- and bottom-line beat for the fourth quarter, last seen down 1.9% at $69.10. Uber also issued an upbeat current-quarter forecast amid stronger demand for its ride sharing and food delivery services, and had its first full-year operating profit as a listed company.

Though the shares are now on track to snap a four-day win streak, they are up 98% in the last 12 months, and early in the session notched an all-time high of $70.68. The equity also relies on long-time support from the 40-day moving average, which contained a January pullback.

Options volume is today running at six times the intraday average, with 96,000 calls and 56,000 puts exchanged so far. Most popular is the weekly 2/9 70-strike call, but positions are opening at the March 62.50 put.

Short-term options traders lean bullish. This is per Uber Technologies stock's Schaeffer's put/call open interest ratio (SOIR), which stands higher than only 12% of annual readings. The brokerage bunch echoes that optimism, with 36 of 38 firms in coverage sporting a "buy" or better rating.

 

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