Gruss & Co. LLC Sells 3,000 Shares of Uber Technologies, Inc. (NYSE:UBER)

Posted by MarketBeat News on Oct 24th, 2023

Gruss & Co. LLC lessened its holdings in shares of Uber Technologies, Inc. (NYSE:UBER – Free Report) by 20.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 12,000 shares of the ride-sharing company’s stock after selling 3,000 shares during the period. Uber Technologies accounts for about 3.1% of Gruss & Co. LLC’s portfolio, making the stock its 14th largest position. Gruss & Co. LLC’s holdings in Uber Technologies were worth $518,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich boosted its position in Uber Technologies by 84,122.1% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 123,555,492 shares of the ride-sharing company’s stock valued at $5,333,891,000 after buying an additional 123,408,790 shares during the last quarter. Norges Bank acquired a new position in Uber Technologies during the 4th quarter valued at about $580,568,000. Altimeter Capital Management LP raised its position in shares of Uber Technologies by 167.5% during the 1st 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 acquiring an additional 19,260,000 shares during the last quarter. Davidson Kempner Capital Management LP raised its position in shares of Uber Technologies by 104.0% during the 1st quarter. Davidson Kempner Capital Management LP now owns 500,000 shares of the ride-sharing company’s stock valued at $15,850,000 after acquiring an additional 13,000,000 shares during the last quarter. Finally, Steadfast Capital Management LP bought a new stake in shares of Uber Technologies during the 4th quarter valued at $178,126,000. 74.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on UBER. Roth Mkm upped their target price on shares of Uber Technologies from $46.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. Royal Bank of Canada reissued an “outperform” rating and set a $58.00 price target on shares of Uber Technologies in a research report on Tuesday, September 5th. Bank of America lifted their price target on shares of Uber Technologies from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, July 13th. Wolfe Research raised their price target on Uber Technologies from $52.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 2nd. Finally, Citigroup raised their price target on Uber Technologies from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Thirty-one equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Uber Technologies has a consensus rating of “Buy” and a consensus target price of $56.00.

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Insiders Place Their Bets

In other Uber Technologies news, CFO Nelson Chai sold 100,000 shares of the business’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 transaction of $4,505,000.00. Following the sale, the chief financial officer now directly owns 291,807 shares of the company’s stock, valued at approximately $13,145,905.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.84% of the company’s stock.

Uber Technologies Price Performance

NYSE:UBER traded up $0.62 during mid-day trading on Tuesday, reaching $43.66. The stock had a trading volume of 8,173,632 shares, compared to its average volume of 22,070,791. The stock has a 50-day simple moving average of $45.48 and a two-hundred day simple moving average of $42.08. The stock has a market capitalization of $89.22 billion, a PE ratio of -195.67 and a beta of 1.22. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.24 and a quick ratio of 1.23. Uber Technologies, Inc. has a 12 month low of $23.90 and a 12 month high of $49.49.

Uber Technologies (NYSE:UBER – Get Free Report) last released its quarterly earnings data on Tuesday, August 1st. The ride-sharing company reported $0.18 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.19. The business had revenue of $9.23 billion for the quarter, compared to analyst estimates of $9.34 billion. Uber Technologies had a negative return on equity of 4.57% and a negative net margin of 1.07%. Uber Technologies’s revenue was up 14.3% compared to the same quarter last year. During the same period last year, the firm posted ($1.33) earnings per share. On average, equities analysts anticipate that Uber Technologies, Inc. will post 0.42 earnings per share for the current year.

About Uber Technologies

(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.