San Francisco, CA-based ride-sharing company Uber Technologies (UBER) is currently trading near an all-time high, prompting investors to question going all-in. The Elon Musk-led electric vehicle (EV) manufacturer had its highly anticipated Robotaxi event last week. However, the unveiling left investors rather disappointed. In response, the market showed increased confidence in the leading ride-sharing application, booming UBER’s stock value.
Shares of another ride-sharing company Lyft LYFT also jumped following TSLA’s Robotaxi event. As UBER looks towards breaching its ATH again, investors may look at now being the best time to buy before the stock surges more. How far could UBER go? We’ll answer that question here.
Is UBER Worth Buying In October 2024?
Uber has shown a volatile predisposition. The stock has moved more than 5% on 12 separate occasions within the last year, However, since the start of 2024, it is up more than 45.8% as it firmly sits above the $85 mark. Altogether, the recent stock movement shows investors are confident in Uber’s plan.
The company’s diversification into a ride-share/food delivery service has made it one of the top companies outside of the Magnificent 7 in a short period. Both industries show growth potential and are in high demand. Furthermore, the company is also witnessing northbound estimate revisions for 2024 and 2025. Analysts suggest that UBER has even more room to grow in the coming years, and suggest that the company is in a “buy now” phase.
Therefore, investing in Uber would be expensive at the present time, but could boast long-term profits. In the last reported quarter, total gross bookings increased 19% year over year to $40 billion, with trips soaring 21% to 2.8 billion. Gross bookings are likely to remain strong in the third quarter of 2024. Upon positive Q3 earnings, UBER could be set to surge to even further highs.
