Uber Joins Nvidia, Meta On Two Exclusive Lists — With A Bonus

Uber Joins Nvidia, Meta On Two Exclusive Lists — With A Bonus

Ride-sharing pioneer Uber Technologies (UBER) is in good company alongside Nvidia (NVDA) and Meta Platforms (META) on the IBD Leaderboard list of top growth stocks. Uber stock, along with Nvidia and Meta, found spots on this month’s list of new buys by the best mutual funds.




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Plus, as a bonus indicator of demand, Uber has crafted a new buy point, boosted by triple-digit earnings growth during the fourth quarter. During that period, Uber posted earnings of 66 cents a share, marking a 128% year-over-year gain. For the full year, Uber generated a 119% gain over the prior year to 87 cents a share.

For the current quarter, analysts forecast earnings of 38 cents a share. Although based on comparisons to the prior-year quarter that showed a loss, that would mark another triple-digit gain of 147%. For all of 2024, analysts expect a 123% rise to $1.94 a share.


IBD Special Report: Best Mutual Funds Awards 2024


Top Funds Bet Big On Uber Stock, Nvidia, Meta, Google

This month’s list of new buys by the best mutual funds revealed massive investments in Magnificent Seven stocks. A total of $12.3 billion was invested in Nvidia, $11.4 billion for Microsoft (MSFT), just under $7 billion to Meta, and $3.7 billion for Google-parent Alphabet (GOOGL).

These savvy money managers also bet just over $1 billion on Uber stock, rounding out a list of 15 companies with inflows north of $1 billion.

Featured in the IBD Stock Analysis last week, Google stock has shaken off recent pressure to return to buy range early Monday.

Meanwhile, Uber stock now looks to complete a base of its own and breakout as it tests support at its 50-day moving average.

Uber Stock Trying To Hail A Breakout

In addition to capturing demand alongside Nvidia, Meta and Google, Uber found the spotlight as the IBD Stock Of The Day on March 22. The San Francisco-based company, whose portfolio of businesses includes Uber Eats and Uber Freight, is trying to complete a third-stage flat base. The buy point is 81.86.

On IBD Leaderboard, Uber was raised to a three-quarters position Friday as it moved above its 10-week line and formed a new base. The flat base began after Uber made a closing high of 81.39 on Feb. 15.

After failing to hold its 21-day exponential moving average, the 50-day and 10-week lines now stand as the next test. After slipping Monday, Uber stock now trades slightly below the 50-day benchmark, But in a sign of resilience, Uber has come off the day’s lows to rebound just within the upper half of Monday’s price range.

As Alphabet builds on its return to buy range, Nvidia looks to hold its 21-day line and Meta teases another record high, see if Uber stock can gain traction and add to its run with a new breakout.

Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.

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