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Uber Technologies Inc. (NYSE:UBER) is in the spotlight Tuesday, and not because of anything Uber did. Investors are weighing competitive developments in food and grocery delivery ahead of the company's Nov. 4 earnings report, and the stock is feeling the heat.
Uber shares traded 0.26% lower Tuesday even as S&P 500 futures gained 0.56%. When your stock goes down while the market goes up, something is on people's minds.
The something is this: rival DoorDash Inc. (NASDAQ:DASH) is reportedly in advanced talks to acquire Maplebear Inc. (NASDAQ:CART), the parent of Instacart, for roughly $17 billion, with an announcement potentially coming as soon as this week.
Here's the wrinkle that makes this sting for Uber: Instacart previously held discussions about a potential sale to Uber. So this isn't just a rival getting bigger. It's a rival potentially buying the asset that Uber itself once kicked the tires on. That puts renewed attention on consolidation across the delivery industry and on how a combined DoorDash-Instacart platform could reshape competition in grocery delivery.
The charts aren't doing Uber any favors either. Uber trades about 4% below its 20-day SMA and roughly 10% below its 200-day SMA, keeping the stock below key trend levels.
The 50-day SMA also remains below the 200-day SMA following a death cross in January, reflecting continued weakness in the longer-term technical setup. In plain English: the stock has been drifting lower for a while, and the trend lines agree.
Uber is scheduled to report earnings on Nov. 4, 2026. Analysts expect EPS of 97 cents, up from 81 cents a year earlier, and revenue of $14.71 billion, up from $13.47 billion.
The stock carries a Buy consensus rating with an average price forecast of $103.74 across 41 analysts, with forecasts ranging from $90 to $125. Guggenheim maintained Buy with a $125 forecast on Oct. 16. Cantor Fitzgerald maintained Overweight with a $90 forecast, while Citizens maintained Market Outperform with a $100 forecast.
So the analysts are still fans. The market, at least on Tuesday, is less convinced.
Uber's MarketDash Edge scorecard shows strong Growth at 92.69, Neutral Value at 57.14 and Weak Momentum at 15.39. The rankings point to a company with strong underlying growth metrics but weaker recent stock performance. That's the tension in a nutshell: the business is growing, but the stock isn't.
If you own certain ETFs, you own a chunk of Uber whether you meant to or not. The Tremblant Global ETF (NYSE:TOGA) holds a 4.58% weight in Uber, while the Pacer US Cash Cows Growth ETF (NYSE:BUL) carries a 5.05% weighting. The Cambiar Aggressive Value ETF (NYSE:CAMX) holds a 4.89% weight in the stock.
Because Uber represents a meaningful portion of these funds, significant ETF inflows or outflows can translate into corresponding trading activity in UBER shares.
UBER Price Action: Uber Technologies shares were down 0.24% at $65.97 at the time of publication on Tuesday. The stock is trading near its 52-week low of $65.41, according to market data.
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