Alliance Wealth Advisors LLC, based in Utah, has made a significant investment in Uber Technologies, Inc. The firm acquired 9,956 shares of the ride-sharing giant during the third quarter of 2023, amounting to approximately $975,000. This move highlights the growing interest from institutional investors in Uber, which is listed on the New York Stock Exchange under the ticker symbol UBER.
Investment activity surrounding Uber has been notable, with several hedge funds adjusting their positions in the company. For instance, Vanguard Group Inc. increased its stake in Uber by 0.7% during the same quarter, now holding nearly 190.8 million shares valued at around $18.7 billion. This marks an increase of 1.3 million shares since the previous quarter.
Similarly, Geode Capital Management LLC expanded its position by 2.6%, acquiring an additional 1.2 million shares, bringing its total to over 45.8 million shares worth approximately $4.26 billion. Other notable investors include Norges Bank, which purchased a new stake valued at $2.35 billion, and Charles Schwab Investment Management Inc., which increased its holdings by 1.0%, now owning about 13.8 million shares valued at around $1.29 billion. Collectively, institutional investors hold around 80.24% of Uber’s stock.
In insider trading news, Tony West, an executive at Uber, sold 3,125 shares on January 20, 2024, at an average price of $83.50. This transaction totalled $260,937.50, representing a 1.74% decrease in his position. West now holds 176,584 shares valued at approximately $14.7 million. Currently, corporate insiders own about 3.70% of Uber’s stock.
Uber Technologies Stock Overview
On February 4, 2024, Uber reported its quarterly earnings. The company’s stock opened at $73.76. For the quarter, Uber recorded earnings of $0.71 per share, which fell short of analysts’ expectations of $0.79 per share. The ride-sharing company generated $14.37 billion in revenue, slightly exceeding the projected $14.32 billion.
Uber’s financial metrics indicate a healthy performance despite the earnings miss. The company’s market capitalization stands at approximately $151.8 billion, with a price-to-earnings (P/E) ratio of 15.66. The stock has experienced a one-year low of $60.63 and a one-year high of $101.99. The firm’s debt-to-equity ratio is 0.38, while both the current and quick ratios are 1.14.
Analysts have varied opinions on Uber’s stock. Recent reports have seen Erste Group Bank downgrade its rating from “buy” to “hold,” while Barclays reduced its target price from $110.00 to $107.00. In contrast, Arete Research maintains a “buy” rating with a target price of $125.00.
Overall, Uber Technologies, Inc. continues to be a focal point for investors and analysts alike. The company, founded in 2009 by Garrett Camp and Travis Kalanick, operates a global platform connecting riders, drivers, couriers, restaurants, and shippers. Uber’s principal services include ride-hailing, food delivery through Uber Eats, and freight logistics via Uber Freight. As the company navigates a competitive landscape, its financial performance and strategic investments will remain closely monitored by stakeholders.
