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Uber shares crash to record minimum

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Uber shares crash to record minimum
November 06
17:00 2019

A few days ago, we already wrote that Uber Technologies Inc. had released a quarterly report. We recall that this American company is known worldwide for taxi services and food delivery. No one was surprised that when the restrictions on the sale of the company’s shares after the IPO expired, there was a sharp collapse. So, in just a day, Uber’s shares fell to $ 25.58 (an absolute historical minimum!), i.e. by 8.7%.

It became known about the huge number of operations with securities of the American company right before the end of the restrictions. For example, Goldman Sachs sold about 2 million shares (their owner remains a secret) at a price of $ 26.9 per unit.

An interesting fact is that at the close of trading on the eve of “Day X”, the price of Uber securities was 38% lower than the offer price within the May IPO.

We recall that Uber Technologies has published a quarterly report that contains information on a 20% increase in losses – to $ 1.16 billion. The company’s CEO remained optimistic and attributed the huge losses to high development costs.

 

 The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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