Eastern Bank Cuts Position in Uber Technologies, Inc. (NYSE:UBER)

Key Points

• Eastern Bank significantly reduced its holdings in Uber Technologies by 89.8% in the first quarter, bringing its ownership down to 21,006 shares valued at approximately $1.53 million.
• Insider trading activity included CFO Prashanth Mahendra-Rajah selling 2,750 shares for $261,250, and insider Jill Hazelbaker selling 34,884 shares for over $3 million, indicating a decrease in their respective ownership stakes.
• Uber's stock recently opened at $87.60, showing a 0.6% increase, and reported earnings per share of $0.83 which surpassed analyst expectations.

Eastern Bank reduced its stake in Uber Technologies, Inc. (NYSE:UBER - Free Report) by 89.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,006 shares of the ride-sharing company's stock after selling 185,237 shares during the quarter. Eastern Bank's holdings in Uber Technologies were worth $1,530,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Navalign LLC increased its holdings in Uber Technologies by 0.5% in the 4th quarter. Navalign LLC now owns 25,468 shares of the ride-sharing company's stock worth $1,536,000 after buying an additional 126 shares during the period. Grove Bank & Trust increased its holdings in Uber Technologies by 0.9% in the 1st quarter. Grove Bank & Trust now owns 14,139 shares of the ride-sharing company's stock worth $1,030,000 after buying an additional 133 shares during the period. Forum Financial Management LP increased its holdings in Uber Technologies by 1.3% in the 1st quarter. Forum Financial Management LP now owns 10,956 shares of the ride-sharing company's stock worth $798,000 after buying an additional 136 shares during the period. CBIZ Investment Advisory Services LLC increased its holdings in Uber Technologies by 42.1% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 466 shares of the ride-sharing company's stock worth $34,000 after buying an additional 138 shares during the period. Finally, Amplius Wealth Advisors LLC increased its holdings in Uber Technologies by 3.6% in the 1st quarter. Amplius Wealth Advisors LLC now owns 4,140 shares of the ride-sharing company's stock worth $302,000 after buying an additional 145 shares during the period. 80.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on UBER shares. KeyCorp increased their price target on shares of Uber Technologies from $90.00 to $110.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. TD Cowen dropped their price objective on shares of Uber Technologies from $90.00 to $88.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. DA Davidson raised their price objective on shares of Uber Technologies from $80.00 to $98.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Piper Sandler raised their price objective on shares of Uber Technologies from $95.00 to $103.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, Stifel Nicolaus raised their price objective on shares of Uber Technologies from $110.00 to $117.00 and gave the stock a "buy" rating in a research note on Tuesday. Ten analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $100.71.

Uber Technologies Stock Performance

Shares of Uber Technologies stock traded down $1.68 during trading hours on Friday, hitting $86.07. 2,979,379 shares of the company were exchanged, compared to its average volume of 22,143,549. Uber Technologies, Inc. has a 1 year low of $54.84 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 business has a 50-day moving average of $89.14 and a 200-day moving average of $80.14. The stock has a market capitalization of $179.98 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 1.01 and a beta of 1.40.

Uber Technologies (NYSE:UBER - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The ride-sharing company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.50 by $0.33. Uber Technologies had a return on equity of 66.46% and a net margin of 27.07%. The business had revenue of $11.53 billion during the quarter, compared to analysts' expectations of $11.61 billion. During the same quarter in the prior year, the business earned ($0.32) earnings per share. The company's quarterly revenue was up 13.8% compared to the same quarter last year. As a group, analysts expect that Uber Technologies, Inc. will post 2.54 EPS for the current fiscal year.

Insider Activity at Uber Technologies

In other news, insider Jill Hazelbaker sold 34,884 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $86.03, for a total transaction of $3,001,070.52. Following the completion of the sale, the insider owned 102,135 shares in the company, valued at $8,786,674.05. This represents a 25.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 stock was 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 of the company's stock, valued at $2,087,625. This trade represents a 11.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,384 shares of company stock valued at $3,496,071 in the last 90 days. Company insiders own 3.84% of the company's stock.

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.