Why Uber Stock Is Up Big This Week

This week was a great week as an owner. uber technology (Uber 2.83%) inventory. On the back of a strong quarterly earnings report, the company announced the first stock repurchase program in the company’s history. That proved irresistible to many investors, sending the stock up nearly 15% by late Thursday night, according to data from S&P Global Market Intelligence.

Follow-up on an impressive quarter

On Valentine’s Day, Uber received a lot of love from the market by announcing a plan to buy back shares. This program is significant, worth up to $7 billion. The company did not specify an end date for the program.

The timing of the announcement was wise. This comes just a week after Uber released its fourth quarter and full-year results.

Both were impressive, with bookings and revenue for the quarter up 22% and 15% year over year, respectively. Even better, headline net income more than doubled to more than $1.4 billion. The ride-hailing giant easily beat estimates on both the top and bottom lines. We finally recorded our first annual net profit.

Everyone pitches in to raise price targets

After a flurry of good news, it’s no surprise that analysts tracking Uber stock have raised their price targets.

Professionals from influential financial services companies such as: JP Morgan Chase, Citigroupand bank of america The securities all added at least a few dollars per share to the level. A classic example is Bank of America’s Justin Post, who raised his price target by $13 to $91 per share. In doing so, he maintained a Buy recommendation on the stock.