What's Going On With Uber Stock Today?

Uber Technologies Inc UBER shares are racing higher Thursday. The stock may be moving in sympathy with shares of Lyft Inc LYFT, which surged after the company provided financial targets ahead of its Investor Day.

What Happened: Lyft is hosting its first Investor Day on Thursday to discuss the company’s plans for its next phase of profitable growth. Ahead of the event, Lyft issued a press release with updated financial targets for 2027.

Lyft said it now expects a gross bookings compound annual growth rate of approximately 15% between full-year 2024 and full-year 2027. The company anticipates a 4% adjusted EBITDA margin in 2027 and free cash flow conversion of more than 90% annually each year between 2025 and 2027.

Lyft also reaffirmed its previously announced guidance for the second quarter and said there are no changes to its directional commentary for full-year 2024 provided during its earnings call last month.

“Lyft’s customer-obsessed strategy is working. Our execution keeps getting better, we’re delivering industry-leading innovation, and we are working closely with partners to create great shared customer experiences. We’re excited to share our vision for Lyft’s road ahead,” said David Risher, CEO of Lyft.

Lyft’s Investor Day kicked off at 9 a.m. ET. A live webcast and replay will be available on the company’s investor relations site. Lyft is the second-largest ride-sharing services provider in the U.S. and Canada behind Uber. Lyft shares were up about 6% at last check.

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UBER Price Action: Uber shares were up 3.25% at $67.96 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Uber.