Rideshare stock Uber Technologies Inc (NYSE:UBER) is off 6.6% to trade at $93.10, brushing off the company's third-quarter beat of $3.11 earnings per share on $13.47 billion in revenue. UBER's fourth-quarter profit guidance was adjusted to slightly below estimates, with CEO Dara Khosrowshahi noting he does not believe robotaxis will bring a profit for at least a few years.
Despite the pullback, UBER is still near record high territory, within striking distance of its September peak of $101.99. Uber Technologies stock has added 50% since January, and ahead of today's pullback was seeing overhead pressure at the $100 level.
While analysts have yet to respond to today's news, there looks to be a bullish sentiment circling the shares. Of the 50 in coverage, 39 sport a "buy" or better rating, leaving ample room for downgrades, should this bullish sentiment begin to unwind.
Drilling down to today's options activity, 115,000 calls and 45,000 puts have crossed the tape so far, which is 4 times he average intraday volume. The December 110-strike call is the most popular contract.
