Uber (UBER) & Arqit Quantum (ARQIT): Two trending stocks on Tuesday

Highlights

  • Uber Technologies, Inc. has announced a partnership with Dress for Success to support women re-enter the workforce. The stock jumped nearly 6% on Tuesday.
  • Arqit Quantum Inc. has signed a partnership agreement with Juniper Networks on Sep 15. The stock rose 98% in a week.
  • Uber stock gained 2%, and Arqit Quantum Inc. stock rose 98% in the past one week.

Uber Technologies, Inc. (NYSE: UBER) stock surged 5.76%, and Arqit Quantum Inc. (NASDAQ: ARQQ) stock fell 2.57% in premarket on Tuesday as markets saw broad gains across segments.

UBER was trading at US$42.08, while Arqit Quantum Inc. was priced at US$24.30 at 8:21 am ET.

Uber Technologies, Inc.

The San Francisco, California-based company on Tuesday announced a partnership with Dress for Success to support women re-enter the workforce.

The partnership will offer women to utilize Dress for Success’s coaching, networking, and professional development services. Dress for Success is a nonprofit organization that works to empower women to achieve financial independence.

UBER provides a technology platform to connect riders with drivers, shippers with carriers, and people with food service providers. The company has a market capitalization of US$75 billion.

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The 52-week highest and lowest stock prices were US$64.05 and US$32.89, respectively. The stock closed at US$39.79 with a trading volume of 35,417,620 on Sep 20.

For the June quarter of 2021, its revenue was US$3.9 billion and net income was US$1.14 billion. In the same quarter the previous year, the revenue and the net losses were US$1.9 billion and US$(1.78) billion, respectively. The stock jumped nearly 6% on Tuesday.

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Uber Technologies (UBER) and Arqit Quantum Inc (ARQQ): Two trending stocks on Tuesday.

Source – Pixabay

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Arqit Quantum Inc.

The London-based Arqit Quantum started public trading last month after a SPAC merger with Centricus Acquisition. On Sep 15, it signed a ‘Technology Alliance Partner Connect’ agreement with Juniper Networks, an AI-driven network and security provider, to improve on security technology against quantum security threats.

The technology company supplies a unique quantum encryption platform-as-a-service platform to keep communication on networking devices secure from digital attacks.

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The stock has been rising for the last five trading sessions. It rose 98% in one week.

The stock declined on Tuesday. But it had risen 37% to close at US$24.94 on Sep 20. Its trading volume nearly doubled to 3,538,335 on Sep 20 compared to the previous trading session.

The London, UK-based company has a market capitalization of US$2.75 billion. Its 52-week highest and lowest stock prices were US$26.00 and US$8.88, respectively.

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Bottomline

The digital technology sector, including hardware and software providers, saw significant growth over the past year, and this momentum to continue in the coming quarters. As businesses resume, after the Covid-19 restrictions, demand rose for various technology products, helping the sector grow. However, investors must evaluate the companies well before investing in stocks.

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