Jim Cramer on Uber: “This Sell-Off Is Creating Bargains”

Uber Technologies, Inc. (NYSE:UBER) was among the stocks Jim Cramer discussed on Mad Money as he addressed investors’ recent overblown worries and growth stocks stuck in bear-market territory. Cramer showed disbelief while discussing the stock’s decline, as he commented:

Let’s take them in descending order of valuation. First up, one that I wrote about in How to Make Money in Any Market, that I can’t believe is down this much, Uber Technologies, the ride share kingpin with the big food delivery business. Uber’s down 29% from its all-time high set last September despite the fact that the company’s earnings are expected to grow at a nearly 40% clip this year. This one barely made it onto our list, though, because its valuation’s just below the S&P as a whole, trading at 21.3 times this year’s earnings estimates.

Now, as I’ve told you before, I think Uber’s stock has been weighed down by overblown worries about robotaxis from the likes of Tesla and Google’s Waymo. Uber owns a network of 200 million monthly active users. The best way for the robotaxi outfits to grow is by partnering with them. Just yesterday, we learned that Uber and the autonomous driving company Nuro plan to launch a premium robotaxi service in San Francisco later this year. On top of that, thanks to the recent pullback, Uber stock is finally cheap for the first time in years. What’s not to like? This sell-off is creating bargains.

Uber Technologies, Inc. (NYSE:UBER) operates technology platforms that connect users for mobility, delivery, and freight services. The company provides ridesharing, food and retail delivery, and digital freight logistics.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years 

Disclosure: None. Follow Insider Monkey on Google News.