Shares of Uber Technologies Inc. keep falling in very active trade Monday, as investors continued to question the loss-making ride-sharing giant’s valuation,...
Shares of Uber Technologies Inc. kept falling in active trade Monday, as investors continued to question the loss-making ride-sharing giant’s valuation, in the wake of last week’s initial public offering.
On Friday, the stock opened at $42, or 6.7% below its $45 IPO price, then extended losses to close 7.6% below its IPO price at $41.57.See also: Uber’s IPO was the 5th worst over the past quarter-century, by this measure. Although Uber’s debut was “clearly not a ‘storybook start,’” Wedbush’s bullish analyst Dan Ives said he believes investors “should be more patient” as the company’s continued investments to expand its market share should help lead to a better long-term competitive.
He said that fact that Uber isn’t likely to be profitable for the next three to four years may be a “lightning rod” issue that could remain an overhang for some time, Ives said Uber “remains the name of the game” in a roughly $1.2 trillion ride-sharing market in the U.S., and $5.7 trillion market globally.See related: Here’s how the Uber IPO stacks up among the biggest of all time.
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