Uber‘s stock stumbles as lockup on insiders‘ shares expires

Shares of Uber Technologies Inc. are down 3.1% in Wednesday morning trading after a lockup expiration that Wedbush analysts had said would result in more than $20 billion in stock, or 763 million shares, becoming available for sale. Shares were off as much as 8.7% earlier in the trading session. The stock is on track for its fifth straight day of declines, following a nearly 10% drop in Tuesday‘s session following the company‘s latest earnings report, which showed a $1.16 billion loss. Uber is the most active stock on the New York Stock Exchange in Wednesday trading. After Uber‘s report late Monday, Oppenheimer analyst Jason Helfstein called the lockup "the last hurdle for [the] stock." Uber shares are trading nearly 40% below their IPO price of $45. The stock is off 30% over the past three months, while the S&P 500 has gained 6.7%.

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