Summit Financial LLC Has $2.61 Million Stock Position in Uber Technologies, Inc. $UBER

Key Points

• Summit Financial LLC increased its stake in Uber Technologies, Inc. by 57.2%, owning 35,793 shares worth $2.6 million at the end of the quarter.
• Recently, Uber Technologies reported $0.63 EPS for its last quarter, surpassing the estimated earnings of $0.61, and achieved $12.65 billion in revenue.
• Analysts have varied opinions on Uber, with a consensus target price of $102.82, reflecting a mix of buy, hold, and sell ratings for the stock.

Summit Financial LLC grew its stake in shares of Uber Technologies, Inc. (NYSE:UBER - Free Report) by 57.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,793 shares of the ride-sharing company's stock after purchasing an additional 13,022 shares during the period. Summit Financial LLC's holdings in Uber Technologies were worth $2,608,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Noble Wealth Management PBC purchased a new stake in Uber Technologies in the 1st quarter worth about $27,000. Kozak & Associates Inc. lifted its stake in Uber Technologies by 155.9% in the 1st quarter. Kozak & Associates Inc. now owns 366 shares of the ride-sharing company's stock worth $27,000 after acquiring an additional 223 shares in the last quarter. Vision Financial Markets LLC purchased a new stake in Uber Technologies in the 1st quarter worth about $27,000. GPS Wealth Strategies Group LLC lifted its stake in Uber Technologies by 305.1% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 397 shares of the ride-sharing company's stock worth $29,000 after acquiring an additional 299 shares in the last quarter. Finally, Perkins Coie Trust Co lifted its stake in Uber Technologies by 306.0% in the 1st quarter. Perkins Coie Trust Co now owns 406 shares of the ride-sharing company's stock worth $30,000 after acquiring an additional 306 shares in the last quarter. 80.24% of the stock is owned by hedge funds and other institutional investors.

Uber Technologies Stock Up 2.6%

Shares of NYSE UBER traded up $2.4720 during mid-day trading on Friday, reaching $96.7020. 15,568,337 shares of the company traded hands, compared to its average volume of 18,985,768. 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 stock has a market cap of $201.66 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. The company's fifty day moving average is $91.08 and its two-hundred day moving average is $83.02. Uber Technologies, Inc. has a fifty-two week low of $59.33 and a fifty-two week high of $97.71.

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 analysts' consensus estimates of $0.61 by $0.02. The business had revenue of $12.65 billion for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted $0.47 EPS. On average, analysts expect that Uber Technologies, Inc. will post 2.54 earnings per share for the current year.

Analysts Set New Price Targets

UBER has been the subject of several research analyst reports. Barclays reissued an "overweight" rating and issued a $110.00 price objective (up from $97.00) on shares of Uber Technologies in a research note on Thursday, August 7th. JMP Securities reissued a "market perform" rating on shares of Uber Technologies in a research note on Thursday, May 15th. Wedbush cut their price target on Uber Technologies from $85.00 to $84.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Piper Sandler raised their price target on Uber Technologies from $95.00 to $103.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, The Goldman Sachs Group raised their price target on Uber Technologies from $96.00 to $110.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $102.82.

Insider Activity at Uber Technologies

In other news, SVP Nikki Krishnamurthy sold 11,571 shares of Uber Technologies stock in a transaction that occurred 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 of the company's stock, valued at approximately $38,184,206.28. This trade represents a 2.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Prashanth Mahendra-Rajah sold 2,750 shares of Uber Technologies stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $95.00, for a total value of $261,250.00. Following 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 position. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company 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.