Manhattan West Asset Management LLC Increases Stock Holdings in Uber Technologies, Inc. (NYSE:UBER)

Key Points

• Manhattan West Asset Management LLC significantly increased its stake in Uber Technologies by 97.2% during the first quarter, now owning 50,654 shares valued at approximately $3.69 million.
• Uber's recent quarterly earnings surpassed analyst expectations, reporting $0.63 earnings per share with revenue of $12.65 billion, representing an 18.2% year-over-year increase.
• Research firms are optimistic about Uber's future, with Citigroup and DA Davidson both raising their target prices to above $90 and maintaining a "buy" rating for the stock.

Manhattan West Asset Management LLC boosted its position in shares of Uber Technologies, Inc. (NYSE:UBER - Free Report) by 97.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,654 shares of the ride-sharing company's stock after buying an additional 24,971 shares during the period. Manhattan West Asset Management LLC's holdings in Uber Technologies were worth $3,691,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Clark Capital Management Group Inc. raised its holdings in Uber Technologies by 11,354.8% during the 4th quarter. Clark Capital Management Group Inc. now owns 402,522 shares of the ride-sharing company's stock worth $24,280,000 after purchasing an additional 399,008 shares during the last quarter. UMB Bank n.a. lifted its stake in Uber Technologies by 33.6% during the 1st quarter. UMB Bank n.a. now owns 12,210 shares of the ride-sharing company's stock valued at $890,000 after acquiring an additional 3,073 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in Uber Technologies by 65.0% during the 4th quarter. Revolve Wealth Partners LLC now owns 15,563 shares of the ride-sharing company's stock valued at $939,000 after acquiring an additional 6,129 shares in the last quarter. Mufg Securities Americas Inc. bought a new stake in shares of Uber Technologies during the 4th quarter worth $1,875,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in shares of Uber Technologies during the 1st quarter worth $943,000. Institutional investors own 80.24% of the company's stock.

Uber Technologies Trading Up 1.2%

UBER stock traded up $1.07 during midday trading on Monday, hitting $90.63. The company had a trading volume of 16,631,327 shares, compared to its average volume of 22,365,295. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.41. The stock has a market cap of $189.52 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 1.03 and a beta of 1.43. The stock's 50 day moving average price is $89.44 and its 200 day moving average price is $81.25. Uber Technologies, Inc. has a 52 week low of $59.33 and a 52 week high of $97.71.

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

Insider Buying and Selling at Uber Technologies

In other news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the firm's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $95.00, for a total transaction of $261,250.00. Following the completion of the transaction, the chief financial officer directly owned 21,975 shares in the company, valued at $2,087,625. This trade represents a 11.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.84% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have commented on UBER. Needham & Company LLC upped their price objective on shares of Uber Technologies from $100.00 to $109.00 and gave the company a "buy" rating in a report on Monday, July 14th. Loop Capital reissued a "buy" rating and set a $105.00 target price (up previously from $89.00) on shares of Uber Technologies in a report on Wednesday, May 21st. Wedbush lowered their target price on shares of Uber Technologies from $85.00 to $84.00 and set a "neutral" rating on the stock in a report on Thursday. UBS Group boosted their target price on shares of Uber Technologies from $115.00 to $117.00 and gave the company a "buy" rating in a report on Thursday. Finally, Roth Capital lifted their target price on Uber Technologies from $93.00 to $110.00 and gave the company a "buy" rating in a report on Monday, July 14th. Eleven investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $102.82.

About Uber Technologies

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.