Edge Wealth Management LLC Purchases Shares of 5,170 Uber Technologies, Inc. (NYSE:UBER)
Posted by MarketBeat News on Sep 21st, 2023
Edge Wealth Management LLC acquired a new position in Uber Technologies, Inc. (NYSE:UBER – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,170 shares of the ride-sharing company’s stock, valued at approximately $223,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in UBER. American Century Companies Inc. lifted its position in Uber Technologies by 28.7% during the first quarter. American Century Companies Inc. now owns 23,045 shares of the ride-sharing company’s stock valued at $822,000 after purchasing an additional 5,142 shares in the last quarter. MetLife Investment Management LLC purchased a new position in shares of Uber Technologies during the 1st quarter valued at about $3,359,000. Panagora Asset Management Inc. grew its stake in shares of Uber Technologies by 29.3% during the 1st quarter. Panagora Asset Management Inc. now owns 22,650 shares of the ride-sharing company’s stock valued at $808,000 after acquiring an additional 5,134 shares during the period. Yousif Capital Management LLC increased its holdings in Uber Technologies by 11.7% in the 1st quarter. Yousif Capital Management LLC now owns 26,298 shares of the ride-sharing company’s stock worth $938,000 after acquiring an additional 2,756 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Uber Technologies by 17.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,144,337 shares of the ride-sharing company’s stock worth $40,838,000 after acquiring an additional 168,475 shares during the period. Hedge funds and other institutional investors own 74.07% of the company’s stock.
Uber Technologies Price Performance
UBER traded down $1.96 during trading hours on Thursday, reaching $44.59. 11,282,615 shares of the company’s stock traded hands, compared to its average volume of 22,887,240. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.24 and a quick ratio of 1.23. The firm has a 50-day moving average price of $46.13 and a 200 day moving average price of $39.92. Uber Technologies, Inc. has a 52-week low of $22.94 and a 52-week high of $49.49.
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Uber Technologies (NYSE:UBER – Get Free Report) last issued its earnings results on Tuesday, August 1st. The ride-sharing company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.19. The firm had revenue of $9.23 billion during the quarter, compared to analyst estimates of $9.34 billion. Uber Technologies had a negative net margin of 1.07% and a negative return on equity of 4.57%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.33) earnings per share. As a group, research analysts predict that Uber Technologies, Inc. will post 0.41 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on UBER shares. Wedbush upped their price target on shares of Uber Technologies from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Sanford C. Bernstein increased 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. Mizuho boosted their price objective on Uber Technologies from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, August 2nd. JPMorgan Chase & Co. increased their target price on Uber Technologies from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 2nd. Finally, Wolfe Research upped their price target on Uber Technologies from $52.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Thirty-one research analysts have rated the stock with a buy rating, According to MarketBeat, Uber Technologies currently has an average rating of “Buy” and a consensus target price of $56.00.
Insiders Place Their Bets
In other news, CEO Dara Khosrowshahi sold 69,975 shares of Uber Technologies stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $45.00, for a total transaction of $3,148,875.00. Following the completion of the sale, the chief executive officer now owns 1,416,243 shares of the company’s stock, valued at $63,730,935. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Nelson Chai sold 100,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 291,807 shares in the company, valued at approximately $13,145,905.35. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Dara Khosrowshahi sold 69,975 shares of the stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $45.00, for a total transaction of $3,148,875.00. Following the transaction, the chief executive officer now owns 1,416,243 shares in the company, valued at $63,730,935. The disclosure for this sale can be found here. Insiders have sold 300,000 shares of company stock worth $13,756,000 in the last three months. Corporate insiders own 3.84% of the company’s stock.
Uber Technologies Profile
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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