Absolute Capital Management LLC Buys Shares of 7,000 Uber Technologies, Inc. (NYSE:UBER)

Posted by MarketBeat News on Oct 11th, 2023

Absolute Capital Management LLC purchased a new position in Uber Technologies, Inc. (NYSE:UBER – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,000 shares of the ride-sharing company’s stock, valued at approximately $302,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. AE Wealth Management LLC raised its position in Uber Technologies by 9.3% in the 2nd quarter. AE Wealth Management LLC now owns 92,267 shares of the ride-sharing company’s stock worth $3,983,000 after buying an additional 7,869 shares during the last quarter. Brandywine Managers LLC purchased a new position in shares of Uber Technologies during the first quarter valued at approximately $539,000. Van Hulzen Asset Management LLC bought a new position in Uber Technologies during the first quarter valued at approximately $207,000. Armistice Capital LLC boosted its holdings in Uber Technologies by 75.0% in the first 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 bought a new stake in Uber Technologies in the 1st quarter worth approximately $1,566,000. 74.07% of the stock is owned by institutional investors.

Insider Activity at Uber Technologies

In other news, CEO Dara Khosrowshahi sold 100,000 shares of Uber Technologies stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $47.51, for a total value of $4,751,000.00. Following the completion of the transaction, the chief executive officer now owns 1,316,243 shares in the company, valued at approximately $62,534,704.93. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.84% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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Several equities analysts have recently weighed in on UBER shares. Bank of America increased their price target on Uber Technologies from $44.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, July 13th. The Goldman Sachs Group boosted their price target on Uber Technologies from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $58.00 price objective on shares of Uber Technologies in a research note on Tuesday, September 5th. Barclays raised their price objective on shares of Uber Technologies from $57.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, August 2nd. Finally, Truist Financial reduced their target price on shares of Uber Technologies from $63.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, August 2nd. Thirty-one investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $56.00.

Read Our Latest Stock Analysis on UBER

Uber Technologies Price Performance

Shares of UBER traded up $0.10 during mid-day trading on Wednesday, hitting $46.73. 5,376,718 shares of the stock were exchanged, compared to its average volume of 22,292,090. The firm has a 50-day moving average of $45.65 and a two-hundred day moving average of $41.26. Uber Technologies, Inc. has a 52-week low of $23.90 and a 52-week high of $49.49. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.23 and a current ratio of 1.24. The company has a market cap of $95.49 billion, a PE ratio of -211.99 and a beta of 1.22.

Uber Technologies (NYSE:UBER – Get Free Report) last released its quarterly earnings data 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 business had revenue of $9.23 billion during the quarter, compared to analyst estimates of $9.34 billion. During the same quarter last year, the business earned ($1.33) earnings per share. Uber Technologies’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, equities analysts predict 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.