Bank Pictet & Cie Europe AG has substantially increased its stake in Uber Technologies, Inc. (NYSE:UBER), as revealed by its recent filing with the Securities and Exchange Commission (SEC). During the third quarter, the firm boosted its holdings by an impressive 31.0%, acquiring an additional 77,619 shares to bring its total to 327,855 shares, valued at approximately $32.1 million by the end of the quarter.
This significant investment trend is echoed by other institutional investors who have also adjusted their positions regarding Uber. Brighton Jones LLC increased its stake by 3.4% in the fourth quarter, amassing 74,460 shares worth around $4.5 million after an additional purchase. Notably, Revolve Wealth Partners LLC raised its share count by an extraordinary 65.0%, now possessing 15,563 shares valued at nearly $939,000. Other hedge funds, including Bison Wealth LLC and Focus Partners Advisor Solutions LLC, have similarly enhanced their investments, indicating a strong interest among asset managers in Uber’s growth potential. Currently, institutional and hedge fund ownership stands at 80.24% of the company’s stock.
In the realm of insider trading, Tony West, an insider at Uber, recently sold 3,125 shares for about $251,125, while CFO Prashanth Mahendra-Rajah sold 5,500 shares totaling $519,255. These transactions, while showing a decrease in insider holdings, reflect ongoing market dynamics amongst company executives.
Analysts seem optimistic about Uber’s futuro, with various research firms publishing favorable ratings and price targets. Arete Research has assigned a price objective of $125, while others like Piper Sandler and UBS Group have also set price targets in the high hundreds, signifying confidence in the company’s trajectory amidst its operational advancements.
Currently, Uber’s stock is trading at approximately $81.66, having fluctuated between a 52-week low of $60.17 and a high of $101.99. This stock fluctuation aligns with the company’s financial performance, as highlighted in its recent quarterly earnings report. Uber reported earnings per share of $3.11, far surpassing analysts’ expectations of $0.67, and demonstrated a robust revenue growth of 20.4% year-over-year, reflecting a net margin of 33.54%.
Founded in 2009, Uber has evolved from a ride-hailing platform to a diverse technology company offering services in mobility, delivery through Uber Eats, and logistics with Uber Freight. Despite the challenges in the market, the overall sentiment appears positive for Uber Technologies, suggesting a bright outlook for the company as it continues to adapt and expand its services in the global marketplace.