Norden Group LLC Buys New Position in Uber Technologies, Inc. $UBER

Key Points

• Norden Group LLC acquired a new position in Uber Technologies, buying 5,223 shares valued at approximately $487,000 in the second quarter of 2023.
• Large investors, including Vanguard Group Inc. and Pershing Square Capital Management, have increased their stakes in Uber, indicating strong institutional interest, with 80.24% of Uber's stock currently owned by institutional investors.
• Analysts have given Uber a consensus rating of "Moderate Buy", with price targets ranging from $84 to $127, reflecting varied opinions on the stock's future performance.

Norden Group LLC bought a new stake in shares of Uber Technologies, Inc. (NYSE:UBER - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,223 shares of the ride-sharing company's stock, valued at approximately $487,000.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position 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 purchasing an additional 5,759,353 shares during the period. Pershing Square Capital Management L.P. bought a new position in shares of Uber Technologies in the first quarter worth approximately $2,207,743,000. Kingstone Capital Partners Texas LLC boosted its position in shares of 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 worth $1,863,545,000 after purchasing an additional 19,967,705 shares during the period. Northern Trust Corp boosted its position in shares of Uber Technologies by 3.9% in the first quarter. Northern Trust Corp now owns 19,240,638 shares of the ride-sharing company's stock worth $1,401,873,000 after purchasing an additional 720,122 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Uber Technologies by 3.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 13,667,322 shares of the ride-sharing company's stock worth $995,801,000 after purchasing an additional 394,157 shares during the period. 80.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on UBER shares. Morgan Stanley reiterated an "overweight" rating and issued a $115.00 price target (up from $95.00) on shares of Uber Technologies in a research report on Monday, July 21st. Needham & Company LLC upped their price target on shares of Uber Technologies from $100.00 to $109.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. JPMorgan Chase & Co. upped their price target on shares of Uber Technologies from $105.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Wells Fargo & Company upped their price target on shares of Uber Technologies from $119.00 to $127.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Finally, Canaccord Genuity Group reissued a "hold" rating and issued a $84.00 target price (down previously from $90.00) on shares of Uber Technologies in a report on Friday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $103.06.

Uber Technologies Price Performance

UBER stock opened at $97.60 on Friday. Uber Technologies, Inc. has a one year low of $59.33 and a one year high of $101.99. The company's fifty day moving average price is $93.13 and its 200-day moving average price is $85.95. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $203.55 billion, a PE ratio of 16.63 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 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. The firm had revenue of $12.65 billion for the quarter, compared to the consensus estimate of $12.45 billion. Uber Technologies had a net margin of 26.68% and a return on equity of 59.96%. The company's quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 earnings per share. On average, equities analysts anticipate that Uber Technologies, Inc. will post 2.54 EPS for the current fiscal year.

Insider Activity at Uber Technologies

In related news, insider Tony West sold 100,000 shares of the company's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $100.38, for a total transaction of $10,038,000.00. Following the sale, the insider owned 171,558 shares of the company's stock, valued at $17,220,992.04. This represents a 36.82% 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 on Tuesday, September 16th. The shares were sold at an average price of $99.42, for a total transaction of $273,405.00. Following the sale, the chief financial officer directly owned 22,528 shares in the company, valued at approximately $2,239,733.76. The trade was a 10.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 604,571 shares of company stock valued at $58,920,741 over the last quarter. 3.84% of the stock is currently owned by insiders.

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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