First American Trust FSB, a financial services company, recently reduced its holdings in Uber Technologies, Inc. (NYSE:UBER) by 33.4% during the second quarter of this year, as stated in its most recent disclosure to the Securities and Exchange Commission. The firm sold 51,921 shares during the quarter and now owns 103,395 shares of the ride-sharing company’s stock. Based on the filing with the Securities and Exchange Commission, First American Trust FSB’s holdings in Uber Technologies were valued at $4,463,000.
Uber Technologies released its quarterly earnings data on August 1st, 2023. The company reported earnings per share (EPS) of $0.18 for the quarter, surpassing analysts’ consensus estimates by $0.19 as they had anticipated an EPS of ($0.01). The firm generated revenue of $9.23 billion during the quarter compared to analysts’ expectations of $9.34 billion. Although Uber Technologies had a negative net margin of 1.07% and a negative return on equity of 4.57%, its revenue for the quarter increased by 14.3% year-over-year.
In the same quarter last year, Uber Technologies recorded earnings per share of ($1.33). Analysts specializing in equities research anticipate that Uber Technologies will post earnings per share of 0.42 for the current fiscal year.
These recent developments indicate that there have been changes in ownership and performance within Uber Technologies. First American Trust FSB’s decision to trim its holdings suggests a decreased level of confidence in the company’s future prospects.
It is important to note that these figures represent data from October 8th, 2023 and may be subject to change as new information becomes available in subsequent reports or disclosures from relevant organizations.
Hedge Fund Adjustments and CEO Share Transactions Highlight Confidence in Uber Technologies’ Growth Potential
October 8, 2023 – The holdings of Uber Technologies by several hedge funds have undergone significant modifications in recent months. Pinnacle Bancorp Inc., for instance, has acquired a new position in Uber’s shares during the first quarter valued at $26,000. Householder Group Estate & Retirement Specialist LLC also lifted its holdings in the ride-sharing company’s stock by 89.3% during the same period. Their current ownership stands at 848 shares with a worth of $27,000 after acquiring an additional 400 shares.
Raleigh Capital Management Inc., another hedge fund, saw a 66.5% increase in their holdings of Uber Technologies during the second quarter. Currently, they own 651 shares worth $28,000 after acquiring an extra 260 shares. Likewise, SOA Wealth Advisors LLC experienced a surge of 133.8% in their holdings during the second quarter and now possess 699 shares amounting to $30,000 after purchasing an additional 400 shares.
In addition to these modifications, MCF Advisors LLC entered into a new position by purchasing shares of Uber Technologies in the first quarter with a value of approximately $32,000. Consequently, institutional investors own approximately 74.07% of the stock.
On Friday’s trading session on the New York Stock Exchange (NYSE), Uber Technologies’ stock (traded as UBER) ascended by $1.17 and reached a price of $45.78 per share. The total trading volume amounted to about14,380,568 shares compared to its average volume of16,162,373.
The company’s stock performance over the past year has seen fluctuations between its lowest point at$22.94 and its highest peak at$49.49.The current statistics display that Uber is positioned closer to its upper limit.
Meanwhile, CEO Dara Khosrowshahi conducted a transaction involving selling his personal stake in Uber Technologies when he disposed of 100,000 shares on Tuesday, July 18th. At an average price of $47.51 per share, the total value of the transaction reached a staggering $4,751,000. Following this sale, Khosrowshahi now maintains ownership of 1,316,243 shares at an estimated value of $62,534,704.93.This legal filing with the SEC can be accessed through the provided link. Moreover, corporate insiders currently own 3.84% of Uber Technologies’ stock.
Various research firms have recently shared their insights regarding Uber Technologies and its projected growth in the market. Wedbush raised their price objective from $46.00 to $52.00 along with an “outperform” rating for the stock on Thursday, July 27th.BTIG Research also increased their price objective by setting it at $60.00 with a “buy” rating on Tuesday, August 1st.Similarly, Loop Capital lifted its target price to $58.00 and gave Uber Technologies a “buy” rating on Monday,August 14th.Moreover,Morgan Stanley upgraded their target price from$57.00 to$60.00 along with an “overweight” rating on Wednesday,August2nd.JPMorgan Chase & Co.also expressed positive sentiment towards Uber Technologies by raising its target price from$55.00 to $56.00 and assigning it an “overweight” rating during the same day.According to data provided by Bloomberg.com,the consensus among analysts is that Uber has a “Buy” rating with a consensus target price around$56.
In conclusion, despite adjustments in hedge fund holdings and CEO share transactions,Uber Technologies continues to attract interest from institutional investors.Appendix source sightings indicate that major research firms support future growth for Uber Technologies along with increasing their target prices over time.With analysts projecting optimistic outcomes,Uber Technologies appears primed to fulfill the market’s expectations and potentially reward its shareholders.