New Safety Feature Boosts Uber Stock Before Trading Opens

Uber Technologies shares rose 2.1% in premarket trading, buoyed by the launch of a new feature that allows parents to monitor their teenagers' rides via live video streaming. This boosted investor confidence in the company's commitment to improving safety and attracting more users.

Citizens Bank affirmed its "outperform" rating on the stock with a $100 price target, noting that Waymo's 8% growth in California rides during the second quarter reflects gradual competition in the self-driving market, not an accelerating threat to Uber's business.

The stock's gains come despite a stable S&P 500 and a slight decline in the Nasdaq, suggesting that the rally is driven by company-specific factors. The stock was trading at $82.03, with potential for upside of nearly 22% at the target price, compared to a 52-week high of $101.99.