Uber and Lyft stocks surge as Tesla's disappointing robotaxi event boosts investor confidence.

From Nasdaq: 2024-10-15 14:00:00

Shares of Uber (UBER) and Lyft (LYFT) surged as Tesla’s (TSLA) robotaxi event disappointed investors on Oct. 11, 2024. Uber shares jumped 10.8%, Lyft stock rose 9.6%, while Tesla shares fell 8.8%. Tesla’s CyberCab launch lacked details, boosting Uber’s stock to an all-time high.

Analysts called Tesla’s event a win for Uber, stating Uber’s well-positioned for autonomous vehicle growth. Uber has a “buy” rating with favorable positioning for partnerships. Lyft has a “hold” rating. ETFs like IYT, BUYZ, AWAY, and RVER offer diversified investment options in ridesharing companies.

Investors can consider ETFs like IYT, BUYZ, AWAY, and RVER for exposure to Uber and Lyft shares with reduced company-specific risks. With Uber at a record high, the ETF approach may offer a more balanced investment option. Stay informed with Zacks’ free Fund Newsletter for weekly top-performing ETF analysis and news.



Read more at Nasdaq: Time for Uber-Lyft ETFs After Tesla’s Unimpressive Robotaxi Event?