Uber Technologies (UBER) Targeting Parking Spots With Eyes on SpotHero

Uber Technologies Inc. (NYSE:UBER) is one of the 8 best American stocks to buy and hold in 2026. On December 31, Valida Pau and Cory Weinberg of The Information reported that Uber Technologies is in talks to acquire SpotHero, a parking app that is increasingly gaining traction among users. SpotHero is used to reserve parking spaces, something that offers a natural synergy with ride-hailing, Uber’s main business. For instance, Uber users could travel to a parking spot they have already booked and switch to ride-hailing after leaving their personal car there.

The news outlet that broke this news was unable to put a number to the potential deal, reporting that negotiations are ongoing and there is no guarantee that the deal will go through. SpotHero’s most recent funding round valued the company at $290 million.

Interestingly, SpotHero has a history of working with a ride-hailing app thanks to its partnership with Lyft in 2022 and 2023. This partnership was terminated because Lyft wanted to focus on its core business of ride-hailing and discontinue non-core initiatives like booking a parking spot. The termination, therefore, did not have anything to do with SpotHero, which only became a victim of a strategic shift at Lyft’s end.

Uber Technologies (NYSE:UBER) is a multinational transportation company mainly known for its ride-hailing services. Apart from ride-hailing, it also offers food delivery, courier services, and freight transport. It is headquartered in San Francisco, California.

While we acknowledge the risk and potential of UBER as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than UBER and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT:  Cathie Wood’s Stock Portfolio: Top 10 Stocks to Buy and 30 Most Fantastic Stocks Every Investor Should Pay Attention To.

Disclosure: None. This article is originally published at Insider Monkey.