Canvas Wealth Advisors LLC Decreases Stock Holdings in Uber Technologies, Inc. $UBER

Key Points

• Canvas Wealth Advisors LLC reduced its stake in Uber Technologies by 5.1%, selling 9,862 shares and now holding 182,952 shares valued at approximately $16.58 million.
• Insider selling activity includes CFO Prashanth Mahendra-Rajah and Tony West, with significant reductions, amounting to a total sale of 601,821 shares valued at $58.66 million over the past 90 days.
• Recent analyst reports upgraded Uber's price targets, with BMO Capital Markets raising it to $113.00, reflecting positive market sentiment with a consensus rating of "Moderate Buy".

Canvas Wealth Advisors LLC lowered its stake in shares of Uber Technologies, Inc. (NYSE:UBER - Free Report) by 5.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 182,952 shares of the ride-sharing company's stock after selling 9,862 shares during the period. Uber Technologies comprises 3.3% of Canvas Wealth Advisors LLC's portfolio, making the stock its 11th largest holding. Canvas Wealth Advisors LLC's holdings in Uber Technologies were worth $16,575,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Pershing Square Capital Management L.P. purchased a new stake in shares of Uber Technologies in the first quarter valued at about $2,207,743,000. Kingstone Capital Partners Texas LLC lifted its holdings in shares of Uber Technologies by 334,075.7% in the second quarter. Kingstone Capital Partners Texas LLC now owns 19,973,682 shares of the ride-sharing company's stock valued at $1,863,545,000 after purchasing an additional 19,967,705 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Uber Technologies by 2,571.2% in the first quarter. Pacer Advisors Inc. now owns 6,498,167 shares of the ride-sharing company's stock valued at $473,456,000 after purchasing an additional 6,254,898 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Uber Technologies by 3.2% in the first quarter. Vanguard Group Inc. now owns 186,526,036 shares of the ride-sharing company's stock valued at $13,590,287,000 after purchasing an additional 5,759,353 shares in the last quarter. Finally, Nordea Investment Management AB lifted its holdings in shares of Uber Technologies by 105.9% in the second quarter. Nordea Investment Management AB now owns 5,459,829 shares of the ride-sharing company's stock valued at $506,618,000 after purchasing an additional 2,807,967 shares in the last quarter. Hedge funds and other institutional investors own 80.24% of the company's stock.

Insider Activity at Uber Technologies

In other Uber Technologies news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $99.42, for a total transaction of $273,405.00. Following the transaction, the chief financial officer owned 22,528 shares of the company's stock, valued at $2,239,733.76. This trade represents a 10.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tony West sold 100,000 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $100.38, for a total transaction of $10,038,000.00. Following the transaction, the insider directly owned 171,558 shares in the company, valued at approximately $17,220,992.04. This represents a 36.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 601,821 shares of company stock valued at $58,659,491 over the last 90 days. 3.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

UBER has been the topic of several recent research reports. BMO Capital Markets upped their price target on shares of Uber Technologies from $101.00 to $113.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Bank of America upped their price target on shares of Uber Technologies from $97.00 to $115.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. KeyCorp upped their price objective on shares of Uber Technologies from $90.00 to $110.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Piper Sandler upped their price objective on shares of Uber Technologies from $95.00 to $103.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Uber Technologies in a research note on Tuesday, October 14th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Uber Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $105.68.

Uber Technologies Stock Performance

Shares of UBER stock opened at $92.29 on Monday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $192.47 billion, a price-to-earnings ratio of 15.72 and a beta of 1.48. Uber Technologies, Inc. has a one year low of $59.33 and a one year high of $101.99. The company has a 50 day moving average price of $95.22 and a 200 day moving average price of $88.73.

Uber Technologies (NYSE:UBER - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.02. The company had revenue of $12.65 billion for the quarter, compared to the consensus estimate of $12.45 billion. Uber Technologies had a net margin of 26.68% and a return on equity of 59.96%. Uber Technologies's revenue was up 18.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share. Sell-side analysts anticipate that Uber Technologies, Inc. will post 2.54 EPS for the current year.

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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