Carnegie Investment Counsel has increased its investment in Uber Technologies, Inc. (NYSE: UBER) by 20% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The firm now holds 514,301 shares of the ride-sharing giant, having acquired an additional 85,550 shares in the period. This investment represents approximately 0.9% of Carnegie’s overall portfolio, making Uber its 22nd largest holding. As of the latest filing, the stake in Uber is valued at about $50.4 million.
Several other institutional investors have also adjusted their positions in Uber. Notably, Brant Point Investment Management LLC established a new position in the company valued at $933,000 during the second quarter. Munro Partners significantly increased its stake with a new investment of $96.3 million. Prudential PLC raised its holdings by 15.7%, now owning 216,855 shares worth $20.2 million. Additionally, Panagora Asset Management Inc. expanded its position by 1.7%, bringing its total to over 2 million shares valued at $194.3 million. M&T Bank Corp also boosted its stake by 13.9% in the same quarter.
Institutional and hedge fund investors collectively own 80.24% of Uber’s stock, indicating strong institutional confidence in the company.
Recent Insider Transactions
In other news related to Uber Technologies, Chief Financial Officer Prashanth Mahendra-Rajah sold 5,500 shares on November 12. The shares were sold at an average price of $94.41, totaling $519,255. Following this transaction, Mahendra-Rajah holds 20,330 shares valued at approximately $1.9 million, marking a 21.29% decrease in his ownership.
Additionally, insider Tony West sold 3,125 shares on December 18 at an average price of $80.36, resulting in a transaction worth $251,125. West now owns 175,423 shares, valued at around $14.1 million, reflecting a 1.75% reduction in his stake. In total, insiders have sold 14,875 shares valued at $1.35 million in the last ninety days, with corporate insiders holding 3.84% of the stock.
Analyst Ratings and Stock Performance
Uber Technologies has attracted attention from various analysts recently. DA Davidson raised its price target from $102.00 to $108.00 and issued a “buy” rating on November 5. Conversely, Barclays revised its target down from $110.00 to $107.00, while maintaining an “overweight” rating. Wedbush reduced its target from $84.00 to $78.00, assigning a “neutral” rating.
As of now, two analysts have given Uber a “Strong Buy” rating, thirty have labeled it as a “Buy,” and nine have issued a “Hold” rating. According to MarketBeat.com, the stock carries an average rating of “Moderate Buy” with a consensus price target of $108.43.
On the trading front, shares of Uber Technologies opened at $81.23 on a recent Friday. The stock has a fifty-day moving average of $88.82 and a two-hundred-day average of $91.44. Its market capitalization stands at $168.78 billion, with a price-to-earnings ratio of 10.44 and a beta of 1.19. Over the past twelve months, Uber’s stock has fluctuated between a low of $60.02 and a high of $101.99.
Uber Technologies, which went public in 2019, continues to expand its global platform connecting riders, drivers, couriers, restaurants, and shippers. Founded in 2009 by Garrett Camp and Travis Kalanick, the company has broadened its services to include mobility solutions, delivery through Uber Eats, and freight logistics via Uber Freight.
As the company navigates a competitive landscape, the recent increase in institutional investment and favorable analyst ratings could bolster its market position moving forward.
