Econ Financial Services Corp Makes New Investment in Uber Technologies, Inc. $UBER

Econ Financial Services Corp purchased a new position in shares of Uber Technologies, Inc. (NYSE:UBER) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 15,700 shares of the ride-sharing company’s stock, valued at approximately $1,538,000.

Several other institutional investors and hedge funds have also modified their holdings of UBER. Pershing Square Capital Management L.P. purchased a new stake in Uber Technologies in the 1st quarter worth approximately $2,207,743,000. Norges Bank acquired a new stake in shares of Uber Technologies during the second quarter worth $2,348,319,000. Kingstone Capital Partners Texas LLC boosted its holdings in shares of Uber Technologies by 334,075.7% during 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 last quarter. Pacer Advisors Inc. grew its position in shares of Uber Technologies by 1,905.3% in the third quarter. Pacer Advisors Inc. now owns 4,350,479 shares of the ride-sharing company’s stock valued at $426,216,000 after purchasing an additional 4,133,532 shares during the period. Finally, Vanguard Group Inc. increased its stake in Uber Technologies by 1.6% in the second quarter. Vanguard Group Inc. now owns 189,551,519 shares of the ride-sharing company’s stock valued at $17,685,157,000 after purchasing an additional 3,025,483 shares during the last quarter. Hedge funds and other institutional investors own 80.24% of the company’s stock.

Insider Activity

In other news, insider Tony West sold 3,125 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $80.36, for a total value of $251,125.00. Following the completion of the sale, the insider owned 175,423 shares of the company’s stock, valued at $14,096,992.28. This represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Prashanth Mahendra-Rajah sold 5,500 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $94.41, for a total value of $519,255.00. Following the sale, the chief financial officer owned 20,330 shares in the company, valued at approximately $1,919,355.30. The trade was a 21.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 14,875 shares of company stock valued at $1,348,818 in the last ninety days. Company insiders own 3.84% of the company’s stock.

Uber Technologies Price Performance

Uber Technologies stock opened at $81.66 on Friday. The firm has a fifty day moving average of $87.89 and a 200-day moving average of $91.33. Uber Technologies, Inc. has a 52-week low of $60.17 and a 52-week high of $101.99. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $169.68 billion, a P/E ratio of 10.50 and a beta of 1.21.

Uber Technologies (NYSE:UBER) last announced its quarterly earnings results on Tuesday, November 4th. The ride-sharing company reported $3.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $2.44. Uber Technologies had a net margin of 33.54% and a return on equity of 68.17%. The firm had revenue of $13.47 billion during the quarter, compared to analysts’ expectations of $13.25 billion. During the same period in the prior year, the company earned $1.20 EPS. The firm’s revenue was up 20.4% on a year-over-year basis. As a group, analysts predict that Uber Technologies, Inc. will post 2.54 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Susquehanna reissued a “positive” rating and issued a $110.00 price target on shares of Uber Technologies in a research note on Wednesday, November 5th. Stifel Nicolaus set a $122.00 price objective on shares of Uber Technologies in a report on Tuesday, November 4th. Truist Financial boosted their target price on shares of Uber Technologies from $96.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Cantor Fitzgerald upped their price target on shares of Uber Technologies from $107.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Finally, Wall Street Zen upgraded shares of Uber Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Two research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $108.82.

About Uber Technologies

Uber Technologies, Inc is a technology company that operates a global platform connecting riders, drivers, couriers, restaurants and shippers. Founded in 2009 by Garrett Camp and Travis Kalanick and headquartered in San Francisco, Uber developed one of the first large-scale ride-hailing marketplaces and has since expanded into a broader set of mobility and logistics services. The company completed its initial public offering in 2019 and continues to position its app-based network as a multi-modal transportation and delivery platform.

Uber’s principal businesses include mobility services (ride-hailing and shared rides), delivery through Uber Eats, and freight logistics via Uber Freight.