Meridian Investment Counsel Inc. Acquires Shares of 17,175 Uber Technologies, Inc. $UBER

Key Points

• Meridian Investment Counsel Inc. acquired 17,175 shares of Uber Technologies, Inc. valued at approximately $1.6 million, adding to the rise of institutional ownership in the company which now stands at 80.24%.
• Equities analysts have shown optimism for Uber, with several firms raising their price targets, including Stifel Nicolaus, Barclays, and UBS, now predicting targets from $105.00 to $117.00.
• Uber reported strong earnings with $0.63 earnings per share for the last quarter, exceeding expectations and reflecting an 18.2% increase in revenue compared to the previous year.

Meridian Investment Counsel Inc. bought a new position in Uber Technologies, Inc. (NYSE:UBER - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 17,175 shares of the ride-sharing company's stock, valued at approximately $1,602,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in UBER. Pershing Square Capital Management L.P. acquired a new position in Uber Technologies during the 1st quarter valued at about $2,207,743,000. Kingstone Capital Partners Texas LLC increased its stake in 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. increased its position in shares of Uber Technologies by 2,571.2% in the 1st quarter. Pacer Advisors Inc. now owns 6,498,167 shares of the ride-sharing company's stock valued at $473,456,000 after buying an additional 6,254,898 shares in the last quarter. Vanguard Group Inc. increased 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 worth $13,590,287,000 after acquiring an additional 5,759,353 shares in the last quarter. Finally, Boston Partners increased its stake in Uber Technologies by 43.8% during the 1st quarter. Boston Partners now owns 9,031,217 shares of the ride-sharing company's stock worth $658,686,000 after purchasing an additional 2,749,456 shares in the last quarter. Institutional investors own 80.24% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on UBER shares. Stifel Nicolaus increased their target price on Uber Technologies from $110.00 to $117.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Barclays reissued an "overweight" rating and set a $110.00 price target (up from $97.00) on shares of Uber Technologies in a research report on Thursday, August 7th. UBS Group increased their price target on shares of Uber Technologies from $115.00 to $117.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Raymond James Financial boosted their price target on Uber Technologies from $100.00 to $105.00 and gave the stock a "strong-buy" rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. increased their price target on Uber Technologies from $105.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, Uber Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $103.30.

Uber Technologies Trading Up 0.8%

Shares of NYSE:UBER opened at $98.37 on Friday. The business's 50 day simple moving average is $93.29 and its 200 day simple moving average is $86.14. Uber Technologies, Inc. has a 1 year low of $59.33 and a 1 year high of $101.99. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $205.14 billion, a P/E ratio of 16.76 and a beta of 1.43.

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

Insider Buying and Selling at Uber Technologies

In related news, insider Tony West sold 100,000 shares of Uber Technologies stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $100.38, for a total value of $10,038,000.00. Following the transaction, the insider directly owned 171,558 shares of the company's stock, valued at $17,220,992.04. This trade represents a 36.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jill Hazelbaker sold 31,250 shares of Uber Technologies stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $96.42, for a total value of $3,013,125.00. Following the completion of the transaction, the insider owned 86,531 shares in the company, valued at approximately $8,343,319.02. The trade was a 26.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 604,571 shares of company stock worth $58,920,741 in the last three months. Company insiders own 3.84% of the company's stock.

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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