Why Josh Brown Just Bought More Uber Stock

Uber Technologies Inc UBER has lagged the overall market so far this year, trading down nearly 10% year-to-date. Ritholtz Wealth Management's Josh Brown sees the stock's underperformance as an opportunity.

"I think Uber has a lot of potential and a very clear path for the stock working," Brown said Tuesday on CNBC's "Fast Money Halftime Report."

During the company's most recent earnings announcement, Uber reported its first-ever operating profit as a public company, Brown said.

Uber reported a quarterly adjusted earnings loss of 21 cents per share, which beat the estimate for a loss of 33 cents per share. The company reported quarterly revenue of $4.84 billion, which beat the estimate of $4.42 billion.

Uber also said that October was the best month in the company's 12-year history.

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Brown anticipates the current quarter will turn out to be Uber's first "actual profitable quarter." He he added to his stock position on Tuesday.

"I think this is a misunderstood stock," Brown said. "It's a glaring loser amongst my holdings, but I'm not ready to give up and I think that there is way more coming to this story in 2022."

UBER Price Action: Uber has traded as high as $64.05 and as low as $38.08 over a 52-week period.

The stock was up 5.99% at $46.22 at time of publication.

Photo: courtesy of Uber.