Uber - Still below IPO PriceChecking back in with Uber this week since our last analysis.
If you checked out or last posts we remember we've gone through the following with Uber:
1. Uber cofounder and former CEO Travis Kalanick has sold off all his remaining shares and left the company's board of directors. This ended up benefiting Uber stock price since Kalanick had been accounting for 7% of the sell offs in the Uber.
2. Whatever early on IPO investors that were waiting for the lockup expiration to sell their shares seemed to have done
3. Coronavirus shook the whole market
4. Uber today, the stock is still way below its IPO Price
While Uber Rides are still 80% lower than usually, an increase in Uber Eats due to Coronavirus pandemic has benefited Uber even though it still only makes up 30% of Uber's profits. As economy slowly opens up we should see an increase in rides again.
We took a long position for a nice profit off a previous double bounce in our charts there and we've recently went back in. Our targets are still set for $35, $38, $42 with tight stops between each.
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Cheers!
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