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Uber Technologies Inc. (UBER) is having a good morning. Shares climbed nearly 3% in premarket trading Wednesday after the company cleared a big hurdle in its quest to bring autonomous ride-hailing to London.
The news comes just hours before Uber is set to report its second-quarter earnings, so investors have plenty to chew on.
Transport for London (TfL) has granted Private Hire Vehicle licenses to several Wayve electric vehicles, a key regulatory step for the planned rollout. The approved vehicles are Ford Mustang Mach-Es equipped with Wayve's AI Driver, cameras, and radar. TfL says they meet its policy and safety standards.
This approval completes the trifecta: the operator, the driver, and the vehicle all now hold licenses from the same authority. A trained, TfL-licensed driver will still be in the car to supervise and take control if needed, so it's not a fully driverless free-for-all just yet.
Interest in the service has been strong. More than 100,000 Londoners have joined Uber's interest list over the past eight weeks. Selected riders will get early access later this summer before a wider public launch.
Wayve's AV2.0 system is a bit different from some other autonomous tech. It doesn't rely on HD maps, hand-coded rules, or fixed geofenced areas. The company has been testing the technology in London since 2018 and has demonstrated it across more than 500 cities.
Uber isn't putting all its eggs in one basket. It works with more than 30 autonomous-vehicle partners and is building a hybrid network that combines autonomous vehicles with human drivers.
Let's look at the charts. Uber's stock is currently trading at $73.90, about 3.4% above its 20-day simple moving average (SMA) of $71.57. That's a mildly positive sign. However, it's still 5.6% below its 200-day SMA of $78.35, which suggests there's some resistance overhead.
The Relative Strength Index (RSI) sits at 51.43, which is right in the middle of the neutral zone. Neither overbought nor oversold. In plain English: there's some upward momentum, but not enough to declare a major trend reversal.
Here are the key levels to watch:
The stock carries a Buy rating with an average price target of $107.50. Recent analyst moves include:
Uber is a significant holding in several ETFs, which means fund flows can move the stock. Here are the funds with the biggest weights:
Because UBER carries such weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
As of premarket trading Wednesday, Uber shares were up 2.93% at $74.10.
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