Uber Technologies Inc. (NYSE:UBER) stock rose Friday after CEO Dara Khosrowshahi bought about $10 million of company stock.
CEO Buys 141,000 Shares
Khosrowshahi purchased 141,000 Uber shares Thursday at a weighted average price of $70.9642, according to a Form 4 filing with the U.S. Securities and Exchange Commission.
The shares were bought at prices ranging from $70.73 to $71.18. The transaction was valued at about $10 million.
Khosrowshahi’s purchase followed another sizable insider buy. President and Chief Operating Officer Andrew Macdonald purchased 70,000 Uber shares on Sept. 4 for about $5.3 million.
See More: Top Growth Stocks
Technical Analysis
Uber’s early gain comes as the stock tries to stabilize after a choppy stretch. Shares remain below several widely watched moving averages, making a potential technical rebound a key focus for traders.
At $73.23, Uber trades below its major moving averages. Shares are 4.2% below the 20-day SMA of $76.33 and 3.9% below the 200-day SMA of $76.09.
The stock is also 1.2% below its 50-day SMA of $73.95 and 0.8% below its 100-day SMA of $73.65.
Momentum remains weak. MACD is below its signal line, while the histogram is negative. However, the 20-day SMA remains above the 50-day SMA.
Meanwhile, the January death cross, when the 50-day SMA fell below the 200-day SMA, continues to weigh on the intermediate trend.
Uber shares have fallen 23.36% over the past 12 months. The stock’s 52-week range is $65.41 to $101.99.
Key resistance sits near $78.50, while support is around $67.
UBER Stock Price Activity: Uber Technologies shares were up 0.92% at $73.23 during premarket trading on Friday, according to Benzinga Pro data.
Image via Shutterstock