Ride-hailing company Uber Technologies, Inc. (NYSE:UBER) has seen its stock more than double this year and a fund manager suggests the company can rightfully claim its place in the S&P 500 Index.
What Happened: Uber has an “excellent chance” of being added to the S&P 500 Index is the next few months, said Future Fund Managing Partner Gary Black. Giving his rationale, the fund manager said, Uber has the largest market cap of any company, not currently in the S&P 500 Index.
At the close of trading on Monday, Uber boasted a market cap of $107.503 billion. The stock closed the session up 1.28% at $52.24, according to Benzinga Pro data.
Uber has a track record of posting four cumulative quarters of positive GAAP earnings, including the most recent quarter, Black said. ...