Analysts are forecasting that Uber’s stock price could reach $1 billion in a week or so as the ride-hailing company’s board and executives discuss how to expand the company’s growth.
The company said it would announce an initial public offering on Wednesday, but the announcement will not include the valuation of its shares, which are currently trading at around $16.15 each.
Analysts polled by FactSet have a consensus price target of $15.70 per share, based on FactSet’s valuation model.
Uber’s board is expected to approve the proposed IPO by the end of the week, according to FactSet.
Uber is expected have more than 10 million drivers on its platform and has been seeking to grow its market share by adding new products and services.
FactSet says the deal is expected in the first half of 2019.
Uber stock fell as much as 17 percent on Wednesday morning.
Uber, which is currently valued at more than $18 billion, said in September that it is considering expanding its fleet of vehicles to include more electric and hybrid vehicles, which will help reduce the cost of driving and increase its efficiency.
Uber has said it is working to get drivers to pay a percentage of the cost, which could reach between 30 percent and 40 percent.
Uber is also expected to sell its fleet at lower prices to consumers and is working on a pilot program with airlines to let riders pay for the Uber service at the airport, rather than waiting in line at a check-in counter.
A new Uber vehicle, called the X, is displayed at the company headquarters in San Francisco, California, U.S. September 12, 2019.