Cornerstone Advisors LLC Boosts Stock Position in Uber Technologies, Inc. (NYSE:UBER)

Key Points

• Cornerstone Advisors LLC increased its stake in Uber Technologies by 107.2% in Q1, acquiring a total of 57,800 shares valued at approximately $4.21 million.
• Multiple hedge funds raised their positions in Uber, with overall institutional ownership comprising 80.24% of the company's stock.
• Uber reported an EPS of $0.83 for the latest quarter, exceeding expectations, and achieved a 13.8% year-over-year revenue increase, totaling $11.53 billion.

Cornerstone Advisors LLC raised its position in shares of Uber Technologies, Inc. (NYSE:UBER - Free Report) by 107.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 57,800 shares of the ride-sharing company's stock after buying an additional 29,900 shares during the period. Cornerstone Advisors LLC's holdings in Uber Technologies were worth $4,211,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Harvard Management Co. Inc. bought a new stake in shares of Uber Technologies in the 1st quarter worth approximately $64,481,000. Hemington Wealth Management boosted its position in shares of Uber Technologies by 11.7% during the first quarter. Hemington Wealth Management now owns 1,944 shares of the ride-sharing company's stock valued at $141,000 after purchasing an additional 204 shares in the last quarter. Fi3 FINANCIAL ADVISORS LLC purchased a new stake in shares of Uber Technologies in the 1st quarter worth about $264,000. Exencial Wealth Advisors LLC increased its stake in shares of Uber Technologies by 118.4% in the 1st quarter. Exencial Wealth Advisors LLC now owns 16,974 shares of the ride-sharing company's stock worth $1,237,000 after acquiring an additional 9,203 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Uber Technologies by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 186,526,036 shares of the ride-sharing company's stock valued at $13,590,287,000 after acquiring an additional 5,759,353 shares during the period. 80.24% of the stock is currently owned by hedge funds and other institutional investors.

Uber Technologies Price Performance

UBER traded up $0.00 during trading on Wednesday, hitting $89.39. 40,090,980 shares of the company traded hands, compared to its average volume of 16,562,547. The company has a market cap of $186.93 billion, a PE ratio of 15.66, a P/E/G ratio of 1.03 and a beta of 1.43. Uber Technologies, Inc. has a 1 year low of $59.33 and a 1 year high of $97.71. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.37. The stock's 50-day simple moving average is $89.17 and its two-hundred day simple moving average is $80.74.

Uber Technologies (NYSE:UBER - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.02. Uber Technologies had a return on equity of 66.46% and a net margin of 27.07%. The business had revenue of $12.65 billion during the quarter, compared to analysts' expectations of $12.45 billion. During the same quarter last year, the business posted $0.47 EPS. The firm's revenue for the quarter was up 18.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Uber Technologies, Inc. will post 2.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Uber Technologies news, insider Jill Hazelbaker sold 34,884 shares of Uber Technologies stock in a transaction on Monday, May 12th. The shares were sold at an average price of $86.03, for a total value of $3,001,070.52. Following the completion of the transaction, the insider directly owned 102,135 shares of the company's stock, valued at $8,786,674.05. This trade represents a 25.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the company's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $95.00, for a total value of $261,250.00. Following the sale, the chief financial officer owned 21,975 shares in the company, valued at approximately $2,087,625. This trade represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.84% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

UBER has been the topic of several recent research reports. Royal Bank Of Canada restated an "outperform" rating and issued a $82.00 price target on shares of Uber Technologies in a research note on Monday, May 5th. TD Cowen cut their target price on Uber Technologies from $90.00 to $88.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Needham & Company LLC lifted their price target on shares of Uber Technologies from $100.00 to $109.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Barclays increased their price objective on shares of Uber Technologies from $86.00 to $97.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Finally, Piper Sandler boosted their price target on Uber Technologies from $95.00 to $103.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $100.71.

Uber Technologies Company 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.