Editor's Note: This article has been updated to clarify details of Uber's EV incentive program.
Uber Technologies Inc (NYSE:UBER) is solidifying its position in the autonomous vehicle space, with recent reports indicating strong consumer demand and significant growth through its key partnerships. The company’s strategy is also growing analyst confidence, with BofA Securities recently maintaining a Buy rating and a $115 price target.
What To Know: The collaboration with Alphabet’s Waymo is yielding impressive results. In California, Waymo completed 2.2 million trips on the Uber platform in the second quarter, a staggering 427% year-over-year increase. This momentum is mirrored in consumer behavior in other markets.
A recent report from Atlanta highlighted a new trend where users are reportedly canceling multiple rides with human drivers in an effort to be matched with a Waymo robotaxi, signaling powerful demand for autonomous options.
While the Waymo partnership flourishes, Uber is aggressively expanding its AV fleet through other strategic alliances. The company has inked a deal with Lucid Group Inc to deploy over 20,000 Lucid Robotaxis over the next six years, with initial services launching in a major U.S. city next year.
In Colorado, Uber has launched an incentive program offering up to $2,000 for drivers who switch to electric vehicles. When combined with state and federal EV credits, total potential savings can reach $21,500.
These concurrent strategies, cultivating strong AV partnerships, demonstrating clear consumer adoption and managing the transition for human drivers, are central to Uber's “Super App” vision.
As the autonomous mobility market is projected by Morgan Stanley to exceed $200 billion by 2035, Uber’s platform-based approach appears well-positioned to capture future growth.
Benzinga Edge Rankings: Based on the Benzinga Edge data provided for Uber, the stock shows strong performance in two key areas. Its Momentum score is 80.04 and its Growth score is exceptionally high at 96.11, indicating significant upward price movement and strong business expansion. In contrast, the stock’s Value score is relatively low at 38.14, suggesting it may not be a great value at its current price.
Price Action: According to data from Benzinga Pro, UBER shares are trading marginally higher Tuesday afternoon at $95.18. The stock has a 52-week high of $97.72 and a 52-week low of $59.33.
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How To Buy UBER Stock
By now you're likely curious about how to participate in the market for Uber Technologies (NYSE:UBER) – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
