Uber Shares Are On The Rise Today: What's Going On?

Uber Technologies Inc. UBER shares are trading higher Friday after billionaire investor Bill Ackman revealed a 33.3 million share position in the company and made bullish comments about its management and valuation.

What To Know: Ackman, known for his activist investing approach, announced the stake on X, stating that he began acquiring shares in early January.

Ackman credited Uber CEO Dara Khosrowshahi for transforming the company into a “highly profitable and cash-generative growth machine” since taking over in 2017. He also called Uber one of the best-managed and highest-quality businesses in the world, adding that it remains undervalued despite its large-cap status.

The disclosure of Ackman's position fueled investor optimism, driving the stock higher as traders reacted to the endorsement from a high-profile investor. Uber shares, which had already been on an upward trajectory, saw increased volume following Ackman's announcement. The stock's movement potentially reflects growing confidence in the company's long-term potential under its current leadership.

UBER Price Action: Uber shares were up 9.44% at $76.56 at the time of writing, according to Benzinga Pro.