Put Options on UBER on 7/10/2023

Uber Technologies, Inc. (UBER) develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia excluding China and Southeast Asia. 

It operates through three segments: Mobility, Delivery, and Freight.

The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services.

The Delivery segment allows to search for and discover restaurants to grocery, alcohol, convenience, and other retails; order a meal or other items; and Uber direct, a white-label Delivery-as-a-Service for retailers and restaurants, as well as advertising.

Shares have run into an overhead resistance. The CEO recently sold more than $4 million in shares. We expect shares to move lower.

Last trade: $42.91

Trading Range: $20.59 - $45.24

Trade Buy 1 August $42.50 Put at $2.10 For a net debit of $2.10 Profit/Loss Analysis Breakeven at $40.40 Maximum profit is unbounded Maximum loss is ($210.00) at strike of $43.00 Closing Summary Sold 1 August $42.50 Put at $0.00

Position closed on 8/21/2023 at price of $0.00 with a -100.00% loss in 42 days.

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