Kornitzer Capital Management Inc. KS Lowers Holdings in Uber Technologies, Inc. (NYSE:UBER)

Posted by MarketBeat News on Oct 21st, 2023

Kornitzer Capital Management Inc. KS reduced its position in shares of Uber Technologies, Inc. (NYSE:UBER – Free Report) by 4.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 199,753 shares of the ride-sharing company’s stock after selling 9,390 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Uber Technologies were worth $8,623,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. AE Wealth Management LLC boosted its stake in shares of Uber Technologies by 9.3% during the 2nd quarter. AE Wealth Management LLC now owns 92,267 shares of the ride-sharing company’s stock worth $3,983,000 after acquiring an additional 7,869 shares in the last quarter. Brandywine Managers LLC acquired a new position in shares of Uber Technologies during the 1st quarter worth about $539,000. Van Hulzen Asset Management LLC acquired a new position in shares of Uber Technologies during the 1st quarter worth about $207,000. Armistice Capital LLC raised its position in shares of Uber Technologies by 75.0% during the 1st quarter. Armistice Capital LLC now owns 1,092,000 shares of the ride-sharing company’s stock worth $34,616,000 after purchasing an additional 468,000 shares during the last quarter. Finally, Vinva Investment Management Ltd acquired a new position in shares of Uber Technologies during the 1st quarter worth about $1,566,000. 74.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Uber Technologies

In other news, CFO Nelson Chai sold 100,000 shares of the firm’s stock in a transaction 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 directly owns 291,807 shares in the company, valued at approximately $13,145,905.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.84% of the stock is currently owned by corporate insiders.

Uber Technologies Stock Performance

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Shares of UBER stock opened at $42.96 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.24 and a debt-to-equity ratio of 0.98. Uber Technologies, Inc. has a 52 week low of $23.90 and a 52 week high of $49.49. The stock has a market capitalization of $87.79 billion, a PE ratio of -195.26 and a beta of 1.22. The firm has a 50 day moving average of $45.51 and a two-hundred day moving average of $41.85.

Uber Technologies (NYSE:UBER – Get Free Report) last issued its quarterly earnings results on Tuesday, August 1st. The ride-sharing company reported $0.18 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $9.34 billion. During the same quarter last year, the company posted ($1.33) EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. On average, research analysts predict that Uber Technologies, Inc. will post 0.42 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on UBER. Royal Bank of Canada restated an “outperform” rating and set a $58.00 price target on shares of Uber Technologies in a research report on Tuesday, September 5th. Barclays upped their price target on shares of Uber Technologies from $57.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 2nd. JMP Securities upped their price target on shares of Uber Technologies from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 2nd. BTIG Research increased their price objective on shares of Uber Technologies from $55.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Finally, Wolfe Research increased their price objective on shares of Uber Technologies from $52.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. Thirty-one investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $56.00.

Check Out Our Latest Research Report on Uber Technologies

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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