Uber Technologies Stock Pops on EV Partnership

The rideshare name will facilitate access to electric vehicles

Laura McCandless

Deputy Editor

Jul 31, 2024 at 12:05 PM

UBER

Uber Technologies Inc (NYSE:UBER) stock is on the rise today, after the rideshare giant announced a partnership with BYD with the goal of putting drivers into 100,000 electric vehicles (EV). At last check, UBER was up 3.2% to trade at $64.67, bouncing off last session's six-month lows.

Year to date, Uber stock is up 5%. The equity has clear support at the $63 level, which captured yesterday's pullback as well as its late-May lows. Just last week, however, the stock did break below support at its 200-day moving average, which has been in place since January 2023.

The brokerage bunch is firmly bullish on Uber stock. Of the 41 analysts in coverage, 38 carry a "buy" or better rating, with just three a "neutral," while the 12-month consensus price target of $86.48 is a 33% premium to current levels, and represents never-before-seen highs.

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