Uber Technologies, Inc. UBER, a prominent ride-hailing company, is set to join the S&P 500 index later this month, as announced by S&P Dow Jones Indices on Friday.
Uber, Jabil Inc JBL and Builders FirstSource Inc. BLDR will replace Sealed Air Corp. SEE, Alaska Air Group Inc. ALK, and SolarEdge Technologies Inc. SEDG in the S&P 500 respectively.
These changes, among others, will be effective prior to the open of trading on Monday, Dec. 18, to coincide with the quarterly rebalance.
Also Read: Uber Expands in London by Integrating Iconic Black Cabs
Uber has a track record of posting four cumulative quarters of positive GAAP earnings, including the most recent quarter, said Future Fund Managing Partner Gary Black last month.
The stock has more than doubled this year, and the fund manager had suggested earlier this month that the company could rightfully claim its place in the S&P 500 Index.
The changes ensure each index is more representative of its market capitalization range.
All companies being added to the S&P 500 are more representative of the large-cap market space.
In the last reported quarter, Uber clocked an Adjusted EBITDA of $1.09 billion, driven by Mobility. Uber held $5.2 billion in cash and equivalents and generated $905 million in free cash flow.
Uber expects fourth-quarter gross bookings of $36.5 billion to $37.5 billion and an adjusted EBITDA of $1.18 billion to $1.24 billion.
Price Action: UBER shares closed higher by 1.72% to $57.35 on Friday. Shares were trading higher by 5.49% to $60.50 after hours.
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