What Happened?
Shares of ride sharing and on-demand delivery platform Uber (NYSE: UBER) jumped 5.6% in the afternoon session after an analyst at Citizens reiterated a "Market Outperform" rating and a $100 price target on the stock, citing growth momentum.
The analyst highlighted the continued growth in Waymo's "rider-only miles," a reference to trips in Alphabet's self-driving cars available through Uber's platform. Although growth moderated in the first quarter of 2026 as Waymo transitioned to newer vehicles, the firm's positive outlook contributed to the stock's rise.
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What Is The Market Telling Us
Uber’s shares are not very volatile and have only had 7 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The previous big move we wrote about was 2 days ago when the stock gained 5.8% on the news that the company announced a significant expansion of its Uber Eats marketplace by adding five new U.S. retail partners.
The new partners include Kiehl's, FedEx Office, Blick Art Materials, Academy Sports + Outdoors, and Choice Pet, broadening the platform's on-demand delivery offerings. The rally was supported by other positive developments, including an analyst at Tigress Financial Partners raising the stock's price target to $115. Additionally, a filing disclosed that U.S. Representative Nancy Pelosi made a new bullish bet on the company through long-dated call options. Uber also revealed plans with partner WeRide to launch a commercial robotaxi service in Zurich, their second planned European deployment.
Uber is down 8.4% since the beginning of the year, and at $75.94 per share, it is trading 24.1% below its 52-week high of $100.10 from October 2025. Despite the year-to-date decline, investors who bought $1,000 worth of Uber’s shares 5 years ago would now be looking at an investment worth $1,486.
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