Uber (UBER) has signed an agreement with autonomous vehicle development company Avride. The deal was announced on October 3, 2024.
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Avride is an autonomous vehicle startup headquartered in Texas. The company develops autonomous vehicles including delivery robots. As part of the agreement, the Uber and Uber Eats platforms will begin using Avride’s delivery robots, likely before the end of the month.
(source: Avride.ai)
The robot delivery service is set to launch in Austin, TX, and then expand to Dallas, TX, and Jersey City, NJ. There was no word on why these specific cities were chosen, although it’s worth noting that Avride’s website indicates that the delivery robots can operate in snow, which New Jersey certainly receives.
Shares of Uber have been mostly range-bound in recent months but remain within striking distance of an all-time high. UBER stock has risen a little less than 20% year-to-date.
Does Wall Street Rate Uber a Buy?
Of the 31 Wall Street analysts that cover Uber, 30 of them have a Buy rating while 1 analyst rates Uber a Hold. There have been no Sell ratings issued on UBER over the past 3 months. The average UBER price target is $89.31, which is more than 20% higher than the recent trading price.
Uber Technologies is expected to report their next quarterly earnings on November 5, 2024. Consensus expectations are for revenue of $10.97 billion and earnings (non-GAAP) of $0.62 per share. UBER stock trades at a forward P/E ratio of 69x.
