Assetmark Inc. Sells 1,611 Shares of Uber Technologies, Inc. (NYSE:UBER)

Posted by Defense World Staff on Aug 8th, 2023

Assetmark Inc. decreased its position in shares of Uber Technologies, Inc. (NYSE:UBER – Free Report) by 1.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 116,993 shares of the ride-sharing company’s stock after selling 1,611 shares during the quarter. Assetmark Inc.’s holdings in Uber Technologies were worth $3,709,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in UBER. Vanguard Group Inc. grew its position in shares of Uber Technologies by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 89,767,050 shares of the ride-sharing company’s stock worth $3,202,889,000 after buying an additional 1,368,569 shares during the period. Altimeter Capital Management LP grew 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 worth $1,193,422,000 after buying an additional 19,260,000 shares during the period. Norges Bank acquired a new stake in shares of Uber Technologies during the 4th quarter worth approximately $580,568,000. Capital World Investors grew its position in shares of Uber Technologies by 18.5% during the 1st quarter. Capital World Investors now owns 22,070,619 shares of the ride-sharing company’s stock worth $787,480,000 after buying an additional 3,443,554 shares during the period. Finally, Fisher Asset Management LLC grew its position in shares of Uber Technologies by 3.3% during 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 buying an additional 660,757 shares during the period. Institutional investors own 73.90% of the company’s stock.

Wall Street Analysts Forecast Growth

UBER has been the subject of several research reports. Tigress Financial initiated coverage on shares of Uber Technologies in a research report on Friday, July 21st. They issued a “buy” rating and a $66.00 price target for the company. Wedbush lifted their price target on shares of Uber Technologies from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. Mizuho lifted their price target on shares of Uber Technologies from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Bank of America lifted their price target on shares of Uber Technologies from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, July 13th. Finally, Loop Capital lifted their price target on shares of Uber Technologies from $42.00 to $48.00 in a research report on Friday, June 9th. Thirty equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $55.03.

View Our Latest Research Report on Uber Technologies

Uber Technologies Price Performance

Shares of Uber Technologies stock opened at $44.96 on Tuesday. 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, Inc. has a 52-week low of $22.94 and a 52-week high of $49.49. The stock’s 50-day simple moving average is $43.57 and its 200 day simple moving average is $37.02.

Uber Technologies (NYSE:UBER – Get Free Report) last posted its earnings results on Tuesday, August 1st. The ride-sharing company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.19. The business had revenue of $9.23 billion during 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%. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.33) EPS. On average, equities research analysts forecast that Uber Technologies, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Uber Technologies

In other news, CEO Dara Khosrowshahi sold 100,000 shares of the business’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $47.51, for a total transaction of $4,751,000.00. Following the completion of the transaction, the chief executive officer now owns 1,316,243 shares of the company’s stock, valued at $62,534,704.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Uber Technologies news, insider Tony West sold 8,334 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $41.75, for a total value of $347,944.50. Following the completion of the sale, the insider now owns 181,357 shares of the company’s stock, valued at $7,571,654.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Dara Khosrowshahi sold 100,000 shares of the company’s 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 sale, the chief executive officer now directly owns 1,316,243 shares of the company’s stock, valued at approximately $62,534,704.93. The disclosure for this sale can be found here. Insiders sold 225,642 shares of company stock valued at $10,325,237 in the last quarter. 3.84% of the stock is currently owned by corporate insiders.

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.