New York, June 11, 2026, 10:48 EDT
- Uber shares slipped Thursday, lagging behind as bigger U.S. indexes traded higher earlier in the day.
- Lyft is now in court with Uber over New York City’s Local Law 52, the latest company headline tied to the legal battle.
- Most analysts on Wall Street are positive on Uber, though the stock is trading significantly under its 52-week high.
Uber Technologies, Inc. shares slipped Thursday. The stock traded at $67.90 at 10:48 a.m. EDT, down $0.71. Volume was near 6.68 million shares. Uber traded between $67.25 and $69.37 so far. At that level, the company’s market cap sat at $140.6 billion. Investors are watching the latest regulatory push in a key U.S. market.
Uber shares dropped after a rough session Wednesday. The stock closed at $68.61 on June 10, down 2.51%. Volume came in at 21.1 million, topping the 50-day average of 17.3 million shares, MarketWatch said. Uber (UBER) is still 32.73% under its 52-week high of $101.99 from September 22.
Lyft has sued New York City to stop the driver-deactivation law, following Uber, Reuters said Thursday. Both companies want to block Local Law 52 of 2026, which would limit how fast they can remove drivers unless they have just cause or a clear economic motive. That law is set to start July 28.
Uber stock is in focus as the dispute deals with a key question in ride-hailing: how much control companies can hold over who drives for them, while staying compliant with local labor rules. Reuters reported that both Uber and Lyft say the law violates their constitutional rights and might mean they have to keep dangerous drivers. New York City’s law department said it is looking at the cases.
City records show Local Law 52 took effect January 29, 2026. The bill, titled “wrongful deactivation of high-volume for-hire vehicle drivers,” says high-volume for-hire operators can only deactivate drivers for just cause, real economic reasons, or if the law requires it. It also spells out rules for giving notice, appeals, bringing drivers back, and back pay. NYC Council Legistar
Uber slipped Thursday even as the broader market pushed higher. At 9:56 a.m. ET, the Dow Jones Industrial Average was up 0.90%, the S&P 500 gained 0.81% and the Nasdaq Composite climbed 1.07%, Reuters reported. Chip stocks bounced, while software names stayed weak.
The legal headline comes after Uber’s latest quarter showed the company is still growing but posted a steep drop in GAAP net income tied to investment revaluations. For the first quarter of 2026, Uber posted gross bookings at $53.72 billion, up 25% from a year ago. Revenue rose 14% to $13.20 billion. GAAP income from operations came in at $1.92 billion, up 57%. Net income attributable to Uber was $263 million, after a $1.5 billion pre-tax hit from revaluations of equity investments.
Uber kept its focus on second-quarter guidance, which is key for the stock. The company projected Q2 gross bookings of $56.25 billion to $57.75 billion, or 18% to 22% growth from a year ago at constant currency. Uber sees non-GAAP EPS between $0.78 and $0.82.
Analyst views are mostly upbeat, but not all agree. MarketBeat lists Uber with a “Moderate Buy” consensus from 40 analyst calls: 29 say Buy, 7 Hold, 3 Sell, and 1 Strong Buy. The average price target for 12 months is $104.68. Targets range from $72 at the low end to $125 at the top. MarketBeat
MarketScreener’s consensus page had 51 analysts covering Uber, with an average “Buy” call. The average target sat at $104.43, and the shares last closed at $68.61. No new Uber price targets appeared in the recommendation tracker in the past 24 hours. The last recorded move was on June 5, when Arete trimmed its target to $119 from $120 but kept a Buy call. MarketScreener
Uber shares are bouncing between stronger bookings, higher operating profit and cash flow in its recent results, and worries over New York’s ongoing legal battle, which keeps issues like labor and safety rules in view. Investors are watching if Uber and its rivals can stall or stop Local Law 52 from starting on July 28, and if the fight sparks concern in other major ride-hailing markets.
