Connective Portfolio Management LLC Invests $819,000 in Uber Technologies, Inc. (NYSE:UBER)

Posted by MarketBeat News on Sep 25th, 2023

Connective Portfolio Management LLC bought a new stake in Uber Technologies, Inc. (NYSE:UBER – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 19,000 shares of the ride-sharing company’s stock, valued at approximately $819,000. Uber Technologies makes up about 2.0% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 25th biggest holding.

A number of other hedge funds also recently bought and sold shares of UBER. SOA Wealth Advisors LLC. increased its holdings in shares of Uber Technologies by 133.8% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 699 shares of the ride-sharing company’s stock worth $30,000 after buying an additional 400 shares during the last quarter. Pacifica Partners Inc. purchased a new position in Uber Technologies in the second quarter worth about $34,000. Pinnacle Bancorp Inc. bought a new stake in Uber Technologies during the first quarter worth approximately $26,000. Householder Group Estate & Retirement Specialist LLC raised its position in Uber Technologies by 89.3% during the first quarter. Householder Group Estate & Retirement Specialist LLC now owns 848 shares of the ride-sharing company’s stock valued at $27,000 after purchasing an additional 400 shares during the period. Finally, MCF Advisors LLC bought a new stake in shares of Uber Technologies in the 1st quarter valued at approximately $32,000. Hedge funds and other institutional investors own 74.07% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Dara Khosrowshahi sold 100,000 shares of Uber Technologies stock in a transaction that occurred on Tuesday, July 18th. The shares were 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 directly owns 1,316,243 shares of the company’s stock, valued at approximately $62,534,704.93. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 269,975 shares of company stock worth $12,404,875. Corporate insiders own 3.84% of the company’s stock.

Uber Technologies Price Performance

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Shares of UBER opened at $44.15 on Monday. The business’s 50-day moving average is $46.10 and its two-hundred day moving average is $40.11. The company has a market capitalization of $90.22 billion, a P/E ratio of -201.85 and a beta of 1.23. Uber Technologies, Inc. has a fifty-two week low of $22.94 and a fifty-two 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.

Uber Technologies (NYSE:UBER – Get Free Report) last posted 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. The firm 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 for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the company earned ($1.33) earnings per share. Research analysts predict that Uber Technologies, Inc. will post 0.42 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Truist Financial decreased their price target on Uber Technologies from $63.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, August 2nd. Morgan Stanley raised their target price 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. Jefferies Financial Group upped their price target on shares of Uber Technologies from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 14th. Bank of America raised their price objective on shares of Uber Technologies from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, July 13th. Finally, Sanford C. Bernstein raised their price target on Uber Technologies from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Thirty-one analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $56.00.

View Our Latest Research Report on Uber Technologies

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.