Investors who owned stocks in the past year have had mixed returns. the SPDR S&P 500 SPY SPY total return in that time is roughly -1.8%. But there’s no question some big-name stocks have done much better than others in that stretch.

Uber’s Bumpy Ride

Unfortunately, one stock that has struggled mightily since May of last year is ridesharing giant Uber Technologies Inc UBER.

Uber was founded back in 2009 and was one of the highest-profile IPOs of the 21st century in May of 2019.

Uber had once hoped to land a $120 billion IPO valuation, but it ultimately dropped its valuation down to around $75 billion. Uber raised $8.1 billion via its IPO, making it one of the 10 largest IPOs in history.

Uber priced its IPO at $42, and the stock began trading on May 10, 2019. Uber’s IPO came about one month after top ridesharing competitor Lyft Inc LYFT had gone public. Lyft’s life on the public market got off to a horrendous start, and the stock was already down about 30% by the time Uber’s IPO rolled around.

The Start

Uber shares got off to a relatively stable start compared to Lyft, grinding as high as $47.08 by late June. Unfortunately, that level still represents the stock’s all-time high. Mounting losses, slowing revenue growth, and rising costs soon had investors questioning the stock’s valuation and sending share prices drifting steadily lower.

Uber eventually dropped as low as $25.58 in early November. However, once concerns about the stock’s lock-up expiration had passed, Uber shares caught a bid once again. Unfortunately for Uber investors the rally that started in November stalled out at $41.86 in February before COVID-19 fears sent the stock plummeting to a new all-time low of $13.71 in March.

2020 And Beyond

Since mid-March, signs the U.S. economy is stable, as well as aggressive stimulus from the Federal Reserve have eased investors’ fears about the dangers posed by Uber’s balance sheet and cash burn. The stock has rallied back above $27, but it is still well shy of its IPO price.

In fact, $100 worth of Uber IPO stock in 2019 would be worth about $64 today.

Looking ahead, analysts are expecting a major rebound in Uber in 2020. The average price target among the 37 analysts covering the stock is $40, suggesting 48% upside from current levels.