Uber Stock Is Down 33% From Its High. Wall Street Still Likes It.

TLDR

• Uber stock hit a 52-week low of $68.00, down 33% from its 52-week high of $101.99
• The stock is down nearly 20% over the past year, though analysts see it as undervalued
• 49 of 56 analysts rate UBER a Buy, with an average price target of $106.80 — implying ~52% upside
• Uber committed ~$500 million to self-driving startup Nuro, including a deal to deploy 35,000 robotaxis using Lucid Gravity SUVs
• Guggenheim maintained a Buy rating with a $125 price target, citing the 2026 World Cup and autonomous vehicle launches as catalysts

Uber stock touched $68.00 on Wednesday, hitting its lowest point in 52 weeks. That puts the stock 33% below its 52-week high of $101.99 and down nearly 20% over the past year.

Uber Technologies, Inc., UBER

The drop comes despite the company posting 18% revenue growth and trading at a P/E ratio of 17.08. InvestingPro data suggests the stock is undervalued at current levels, with some analyst price targets reaching as high as $150.

Guggenheim reiterated its Buy rating this week with a $125 price target. The firm flagged the 2026 World Cup as a near-term catalyst, forecasting a 100 basis point bump in Mobility Gross Bookings in Q2 and Q3.

Bank of America analysts also weighed in, saying Uber is well-positioned to benefit from the current AI cycle.

Uber’s Robotaxi Push

The bigger story might be what Uber is building toward. On June 3, Reuters reported the company committed around $500 million to self-driving startup Nuro. The initial tranche includes a $203 million funding round that values Nuro at roughly $6 billion, with further milestone-linked funding to follow.

The deal comes with a three-way partnership between Uber, Nuro, and Lucid to deploy nearly 35,000 robotaxis. The vehicles will use Lucid’s Gravity SUVs, Nuro’s autonomous tech, and Uber’s platform.

Uber already runs a robotaxi service with Waymo in select U.S. cities and has partnerships with Baidu, Rivian, and Wayve. On June 1, the company announced a new robotaxi program in Munich through a tie-up with Autobrains and Nvidia.

The company is also expanding in other areas. Uber has opened a waitlist for a robotaxi service in London ahead of a planned launch later this year. In Kenya, Uber plans to double its electric motorcycle fleet from 2,500 to 5,000 units by the end of 2026.

Workforce and M&A Moves

On the organizational side, Uber is trimming less than 1% of its global workforce. The cuts are focused on the People and Places division and are part of a restructuring effort. The company said the move is not related to AI.

Uber has also reportedly made a takeover approach for Delivery Hero, the Berlin-based food delivery company. Prosus NV is said to be exploring an increase in its own stake in Delivery Hero in response to Uber’s interest.

Uber stock was trading at $67.71 as of Wednesday afternoon, down 1.30% on the day.

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