Uber Stock Pops on Adjusted Current-Quarter Forecast

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The company adjusted its third-quarter forecast

Uber Technologies Inc (NYSE:UBER) stock is up 5.6% at $42.03 this morning, after the rideshare name revised its gross bookings forecast for the current quarter — its first-ever adjusted profit. The company narrowed its prediction to $22.8- $23.2 billion in gross bookings from the previous $22-$24 billion. Plus, Uber raised its earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for the current quarter.

UBER has been falling on the charts since its consolidation below the $52 level from May through early July, with the 30-day moving average guiding the shares lower. Coming into today, Uber stock sports a 16.4% year-to-date deficit, though the equity is now on track for its fourth-straight daily win. 

Analysts are overwhelmingly bullish on UBER. Of the 23 in coverage, 20 carry a “buy” or better rating, with three at a “hold.” Plus, the 12-month consensus price target of $67.17 is a 58% premium to current levels.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), calls have more than tripled puts in the past two weeks, per the security’s 10-day call/put volume ratio of 3.54. This ratio sits in the 66th percentile of its annual range, showing this preference for calls is just slightly above the norm.

Uber stock is seeing attractively-priced premiums at the moment, too. The stock’s Schaeffer’s Volatility Index (SVI) of 42% stands higher than 16% of all other readings in its annual range, implying that options players are pricing in low volatility expectations at the moment.