Benzinga | Oct 1, 2021 12:07PM EDT

Why Uber Shares Are Rising

Shares of reopening names, including Uber Technologies Inc (NYSE:UBER) are trading higher after data showed Merck's oral antiviral molnupiravir reduced risk of hospitalization or death in COVID-19 patients, which has helped alleviate some Delta variant concerns. Reopening optimism has lifted the outlook for ride sharing demand. Lyft (NASDAQ:LYFT) shares gained for the session as well.

Uber shares are trading higher by 13.9% over the past month, possibly amid reopening optimism.

Uber connects consumers with independent providers of ride services for ridesharing services and other forms of transportation services, including public transit, as well as connect riders and other consumers with restaurants, grocers, other stores, and delivery service providers for meal preparation, grocery and other delivery services.

Uber has a 52-week high of $64.05 and a 52-week low of $32.90.