Uber Technologies, along with Tesla and Meta Platforms, finds itself on IBD Leaderboard, a list of top growth stocks to buy. Despite facing selling pressure in the market indexes, these stocks have shown resilience and are crafting new chart bases.
Uber stock has been featured as the IBD Stock of the Day and is currently working on forming a handle in a third-stage chart pattern. The conventional buy point for Uber is 49.49, with an earlier, more aggressive entry at 47.70.
Tesla stock is also forming a handle, and its 21-day exponential moving average is close to crossing above its longer-term 50-day line. This improvement in technical strength indicates a potential upward trend for the stock.
Meta stock, the parent company of Facebook, Instagram, and WhatsApp, is consolidating as it tests support at its 50-day moving average. It currently has a buy point of 326.20 in a second-stage consolidation, but it may also form a handle for an earlier entry.
However, it is important to exercise caution when making new buys in the current market environment. The stocks mentioned have shown signs of institutional demand and have received positive ratings from IBD.
Uber Technologies, known for its ride-sharing business, has expanded its services to include Uber Eats, Uber Freight, and more. While the company has had a bumpy road since its IPO in 2019, it has shown improvements in profitability, posting an adjusted profit of 18 cents a share in Q2 despite missing revenue forecasts.
Uber’s expansion into AI research and platforms through Uber AI has allowed it to drive innovations across its various platforms, from transportation and mobility to customer support and driver-partner navigation. Its AI systems have improved demand prediction and pickup experiences.
Investors should keep an eye on these stocks as they navigate the market and continue to show growth potential. However, it is important to conduct thorough research and analysis before making any investment decisions.