QP Wealth Management LLC Lowers Holdings in Uber Technologies, Inc. (NYSE:UBER)

Posted by MarketBeat News on Sep 20th, 2023

QP Wealth Management LLC trimmed its stake in shares of Uber Technologies, Inc. (NYSE:UBER – Free Report) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,920 shares of the ride-sharing company’s stock after selling 1,235 shares during the quarter. Uber Technologies accounts for 2.7% of QP Wealth Management LLC’s portfolio, making the stock its 10th largest holding. QP Wealth Management LLC’s holdings in Uber Technologies were worth $1,723,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Uber Technologies by 1.5% during the first quarter. Vanguard Group Inc. now owns 89,767,050 shares of the ride-sharing company’s stock valued at $3,202,889,000 after purchasing an additional 1,368,569 shares in the last quarter. Altimeter Capital Management LP boosted its holdings in Uber Technologies by 167.5% during the first quarter. Altimeter Capital Management LP now owns 30,760,000 shares of the ride-sharing company’s stock valued at $1,193,422,000 after purchasing an additional 19,260,000 shares in the last quarter. Norges Bank acquired a new position in shares of Uber Technologies in the 4th quarter worth approximately $580,568,000. Capital World Investors boosted its holdings in shares of Uber Technologies by 18.5% in the 1st quarter. Capital World Investors now owns 22,070,619 shares of the ride-sharing company’s stock worth $787,480,000 after acquiring an additional 3,443,554 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its holdings in shares of Uber Technologies by 3.3% in the 1st quarter. Fisher Asset Management LLC now owns 20,785,980 shares of the ride-sharing company’s stock worth $658,916,000 after acquiring an additional 660,757 shares in the last quarter. 74.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Sanford C. Bernstein boosted their target price on Uber Technologies from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Wolfe Research upped their price objective on Uber Technologies from $52.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. JMP Securities upped their price objective on Uber Technologies from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. JPMorgan Chase & Co. upped their price objective on Uber Technologies from $55.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, August 2nd. Finally, Needham & Company LLC upped their price objective on Uber Technologies from $56.00 to $60.00 in a report on Wednesday, August 2nd. Thirty-one investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Uber Technologies currently has a consensus rating of “Buy” and a consensus target price of $56.00.

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Uber Technologies Trading Down 0.7 %

Shares of NYSE:UBER opened at $47.24 on Wednesday. Uber Technologies, Inc. has a 52-week low of $22.94 and a 52-week high of $49.49. The company has a 50-day simple moving average of $46.09 and a 200 day simple moving average of $39.87. The company has a market capitalization of $96.54 billion, a P/E ratio of -216.35 and a beta of 1.23. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.23 and a current ratio of 1.24.

Uber Technologies (NYSE:UBER – Get Free Report) last announced its earnings results on Tuesday, August 1st. The ride-sharing company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.19. Uber Technologies had a negative net margin of 1.07% and a negative return on equity of 4.57%. The company had revenue of $9.23 billion for the quarter, compared to analysts’ expectations of $9.34 billion. During the same period last year, the firm earned ($1.33) earnings per share. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. Sell-side analysts forecast that Uber Technologies, Inc. will post 0.41 earnings per share for the current year.

Insider Activity at Uber Technologies

In related news, CEO Dara Khosrowshahi sold 69,975 shares of Uber Technologies stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $45.00, for a total value of $3,148,875.00. Following the transaction, the chief executive officer now directly owns 1,416,243 shares of the company’s stock, valued at $63,730,935. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Uber Technologies news, CFO Nelson Chai sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $45.05, for a total value of $4,505,000.00. Following the sale, the chief financial officer now owns 291,807 shares in the company, valued at $13,145,905.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Dara Khosrowshahi sold 69,975 shares of the firm’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $45.00, for a total transaction of $3,148,875.00. Following the completion of the sale, the chief executive officer now owns 1,416,243 shares in the company, valued at approximately $63,730,935. The disclosure for this sale can be found here. Insiders have sold 300,000 shares of company stock valued at $13,756,000 over the last three months. 3.84% of the stock is owned by insiders.

Uber Technologies Profile

(Free Report)

Uber Technologies, Inc develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia excluding China and Southeast Asia. It operates through three segments: Mobility, Delivery, and Freight. The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services.

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