Finally, Uber shares lift above IPO price
We told you about Uber’s disastrous IPO, and why it didn’t fare as well as everyone expected it to. Well, we’re now happy to say that its share price has, for the first time since its debut, risen above the $40-43 range, and reached $45—its initial public offering price.
The mark was reached on Wednesday, as the NYSE: UBER closed at a 5% up.
This comes as many analysts released their positive reports and buy ratings for Uber earlier this week.
Justin Patterson, analyst at Raymond James wrote that Uber would be a leader in the offline era, giving it a $50 price target.
In contrast to traditional Internet companies, Uber is a digital app powering offline behavior. This elevates cost in the early years, but arguably creates a more defensible long-term position.Justin Patterson, analyst at Raymond James
Amid trade wars affecting stock market, it is good to see Uber’s valuation rise up. We’ll be keeping a watch on how this trend unfolds, to know whether the price jump was merely in face of positive news, or if remains stable enough amidst trade war tensions in the coming months.
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