Uber Technologies Inc. (NYSE: UBER) stock snapped its five-day losing streak after announcing that it would publish its Q3 earnings. The earnings call, scheduled for October 31, 2024, will discuss the financial results with the stakeholders. Murmurs around the market on the financial sheet remain positive, as insiders say it could outperform expectations.
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Positive Market Sentiment
The stock closed Monday at $80.46, as Uber spiked 1.64% in the day’s trade. The earnings call pushed its price to the green, and it could continue the momentum ahead of Q3 earnings. Taking an entry position now could reward investors if the earnings outshine the markets.
However, if Q3 earnings fall short of expectations, Uber stock could move in reverse gear. The risk associated with the Q3 results remains high, as the reward solely depends on the company’s performance.
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Uber Stock: Will It Reach $100 After Q3 Earnings Call?
Uber stock remains in the ‘strong performer’ segment as investor accumulation is increasing in volume. The buying pressure remains high as retail investors and institutional funds are taking entry positions before the Q3 earnings call.
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A recent analysis from Wall Street analysts on TradingView forecasts that Uber stock could reach $89 before the financial results. That’s an uptick and a return on investment (ROI) of close to 11% in the next few days.
Therefore, if the forecast is accurate, an investment of $1,000 could turn into $1,110 in the next seven days. The analysts also give the stock a ‘strong buy’ call ahead of the earnings results.
Nonetheless, if the Q3 earnings call fails to meet the target, Uber stock could crash and cause investors losses. Investors should take an entry position only if they can afford to take the risk ahead of the earnings.