New Vernon Investment Management LLC Invests $1.24 Million in Uber Technologies, Inc. $UBER

Key Points

• New Vernon Investment Management LLC has invested approximately $1.24 million in Uber Technologies, acquiring 17,000 shares, which now represents 1.7% of its portfolio.
• Analysts have raised price targets for Uber shares, with BMO Capital Markets setting a new target at $113.00 and Citigroup at $102.00, while maintaining strong buy ratings overall.
• In the latest quarter, Uber reported an EPS of $0.63, exceeding estimates, with revenue increasing by 18.2% year-over-year to $12.65 billion.

New Vernon Investment Management LLC acquired a new position in shares of Uber Technologies, Inc. (NYSE:UBER - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,000 shares of the ride-sharing company's stock, valued at approximately $1,239,000. Uber Technologies accounts for approximately 1.7% of New Vernon Investment Management LLC's holdings, making the stock its 21st biggest holding.

Other large investors also recently modified their holdings of the company. Noble Wealth Management PBC acquired a new stake in shares of Uber Technologies during the first quarter worth $27,000. Kozak & Associates Inc. increased its position in shares of Uber Technologies by 155.9% during the first quarter. Kozak & Associates Inc. now owns 366 shares of the ride-sharing company's stock worth $27,000 after buying an additional 223 shares during the period. Vision Financial Markets LLC acquired a new stake in shares of Uber Technologies during the first quarter worth $27,000. GPS Wealth Strategies Group LLC increased its position in shares of Uber Technologies by 305.1% during the first quarter. GPS Wealth Strategies Group LLC now owns 397 shares of the ride-sharing company's stock worth $29,000 after buying an additional 299 shares during the period. Finally, Perkins Coie Trust Co increased its position in shares of Uber Technologies by 306.0% during the first quarter. Perkins Coie Trust Co now owns 406 shares of the ride-sharing company's stock worth $30,000 after buying an additional 306 shares during the period. 80.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on UBER shares. BMO Capital Markets raised their price target on shares of Uber Technologies from $101.00 to $113.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Wall Street Zen cut shares of Uber Technologies from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Citigroup raised their price target on shares of Uber Technologies from $92.00 to $102.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Roth Capital raised their price target on shares of Uber Technologies from $93.00 to $110.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, Bank of America raised their price target on shares of Uber Technologies from $97.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $102.82.

Uber Technologies Price Performance

Shares of NYSE:UBER opened at $93.80 on Friday. The company has a 50 day moving average of $92.21 and a 200 day moving average of $83.58. The stock has a market cap of $195.61 billion, a P/E ratio of 15.98, a P/E/G ratio of 1.10 and a beta of 1.43. Uber Technologies, Inc. has a 12 month low of $59.33 and a 12 month high of $97.71. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.41.

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

Insider Activity at Uber Technologies

In other Uber Technologies news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of Uber Technologies stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $95.00, for a total transaction of $261,250.00. Following the completion of the sale, the chief financial officer directly owned 21,975 shares in the company, valued at $2,087,625. The trade was a 11.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tony West sold 3,125 shares of Uber Technologies stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $95.00, for a total transaction of $296,875.00. Following the sale, the insider owned 170,269 shares of the company's stock, valued at approximately $16,175,555. The trade was a 1.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,696 shares of company stock valued at $4,632,774. 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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