Pershing Square Capital Management L.P. Acquires Shares of 30,301,161 Uber Technologies, Inc. $UBER

Key Points

• Pershing Square Capital Management L.P. made a new investment of $2.21 billion in Uber Technologies, Inc., acquiring over 30 million shares, which now represent approximately 18.5% of its portfolio.
• Uber Technologies reported quarterly earnings of $0.63 per share, exceeding analyst expectations, with a total revenue of $12.65 billion—an 18.2% increase compared to the previous year.
• Currently, 80.24% of Uber's stock is owned by institutional investors, reflecting strong interest in the company's growth potential.

Pershing Square Capital Management L.P. purchased a new stake in Uber Technologies, Inc. (NYSE:UBER - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 30,301,161 shares of the ride-sharing company's stock, valued at approximately $2,207,743,000. Uber Technologies accounts for approximately 18.5% of Pershing Square Capital Management L.P.'s holdings, making the stock its largest holding. Pershing Square Capital Management L.P. owned approximately 1.45% of Uber Technologies as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. PharVision Advisers LLC boosted its position in Uber Technologies by 20.5% in the 1st quarter. PharVision Advisers LLC now owns 4,461 shares of the ride-sharing company's stock valued at $325,000 after buying an additional 758 shares during the period. Pingora Partners LLC purchased a new position in Uber Technologies in the 1st quarter valued at approximately $38,000. Plancorp LLC purchased a new position in Uber Technologies in the 1st quarter valued at approximately $273,000. Nissay Asset Management Corp Japan ADV boosted its position in Uber Technologies by 1.5% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 230,487 shares of the ride-sharing company's stock valued at $16,793,000 after buying an additional 3,499 shares during the period. Finally, NewEdge Advisors LLC lifted its position in shares of Uber Technologies by 69.2% during the 1st quarter. NewEdge Advisors LLC now owns 379,718 shares of the ride-sharing company's stock worth $27,666,000 after purchasing an additional 155,314 shares during the last quarter. Hedge funds and other institutional investors own 80.24% of the company's stock.

Uber Technologies Stock Down 1.2%

NYSE:UBER traded down $1.09 during midday trading on Friday, hitting $90.89. 20,364,649 shares of the company were exchanged, compared to its average volume of 14,490,310. The company has a fifty day simple moving average of $92.42 and a 200 day simple moving average of $84.05. Uber Technologies, Inc. has a fifty-two week low of $59.33 and a fifty-two week 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. The company has a market capitalization of $189.54 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 1.04 and a beta of 1.43.

Uber Technologies (NYSE:UBER - Get Free Report) last announced its quarterly 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. Uber Technologies had a net margin of 26.68% and a return on equity of 59.96%. The firm had revenue of $12.65 billion for the quarter, compared to analyst estimates of $12.45 billion. During the same period last year, the business earned $0.47 EPS. Uber Technologies's revenue for the quarter was up 18.2% compared to the same quarter last year. As a group, equities analysts anticipate that Uber Technologies, Inc. will post 2.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on UBER shares. Morgan Stanley reaffirmed an "overweight" rating and set a $115.00 price objective (up from $95.00) on shares of Uber Technologies in a research report on Monday, July 21st. Tigress Financial set a $110.00 price objective on shares of Uber Technologies and gave the stock a "buy" rating in a research report on Friday, May 23rd. Wedbush decreased their price objective on shares of Uber Technologies from $85.00 to $84.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Needham & Company LLC lifted their price objective 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. Finally, BMO Capital Markets lifted their price objective on shares of Uber Technologies from $101.00 to $113.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. 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.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $103.06.

Insider Activity at Uber Technologies

In related news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of Uber Technologies stock in a transaction 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 sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Nikki Krishnamurthy sold 11,571 shares of Uber Technologies stock in a transaction on Friday, August 15th. The stock was sold at an average price of $91.74, for a total transaction of $1,061,523.54. Following the sale, the senior vice president owned 416,222 shares in the company, valued at $38,184,206.28. This represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,696 shares of company stock valued at $4,632,774 over the last quarter. 3.70% of the stock is 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.