Uber Technologies Inc. has experienced a significant decline in its stock price, dropping approximately 28% from recent highs, marking its largest drawdown since 2022. The stock's performance has raised concerns among investors, with some questioning whether Uber is a 'broken stock.' Despite no fundamental changes reported in Uber's business or financials, market sentiment appears to be negatively impacting its valuation. On December 11, 2024, Uber's stock fell by 7%, contributing to a year-to-date performance that is now almost in the red. The company's current trading metrics indicate a Forward Enterprise Value to Earnings Before Interest and Taxes (EV/EBIT) ratio of around 26x. The ongoing decline has led to increased trading activity, with a put/call ratio of 161,000 to 288,000 for Uber options, suggesting heightened bearish sentiment among traders.