Joe Terranova, the chief market strategist for Virtus Investment Partners, sold his position in Uber Technologies Inc UBER he said Monday on CNBC's "Fast Money: Halftime Report."
The stock should have been performing much better than it was, Terranova said. Uber is a great company, but the stock's price performance was lacking, so he decided to cut his losses.
Related Link: Uber Stock Is Trading Lower After Q1 Earnings
What Happened: Uber on May 5 reported an earnings loss of 6 cents per share, which beat the estimate for a loss of 54 cents per share. The comapny reported revenue of $2.9 billion, which came in below the estimate of $3.29 billion. The stock sold off roughly 4.5% in after-hours trading after the report.
“Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings,” said Dara Khosrowshahi, CEO of Uber.
Price Action: Uber traded as high as $64.05 and as low as $28.39 over a 52-week period. The stock closed Monday down 2.6% at $45.79.
Photo courtesy of Uber.
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