Pitcairn Co. lowered its stake in Uber Technologies Inc (NYSE:UBER) by 6.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,712 shares of the ride-sharing company’s stock after selling 772 shares during the quarter. Pitcairn Co.’s holdings in Uber Technologies were worth $364,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ellis Investment Partners LLC acquired a new position in Uber Technologies in the first quarter valued at about $25,000. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Uber Technologies by 216.8% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 1,074 shares of the ride-sharing company’s stock worth $30,000 after purchasing an additional 735 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new stake in shares of Uber Technologies during the second quarter worth about $30,000. Procyon Private Wealth Partners LLC lifted its position in shares of Uber Technologies by 61.6% during the first quarter. Procyon Private Wealth Partners LLC now owns 1,131 shares of the ride-sharing company’s stock worth $32,000 after purchasing an additional 431 shares in the last quarter. Finally, MBE Wealth Management LLC acquired a new stake in shares of Uber Technologies during the first quarter worth about $33,000. 62.87% of the stock is currently owned by institutional investors.
In related news, insider Tony West sold 2,000 shares of Uber Technologies stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $30.71, for a total value of $61,420.00. Following the transaction, the insider now directly owns 292,429 shares in the company, valued at approximately $8,980,494.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Garrett Camp sold 170,000 shares of Uber Technologies stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $28.32, for a total transaction of $4,814,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 542,000 shares of company stock worth $16,977,620. Insiders own 8.66% of the company’s stock.
Uber Technologies (NYSE:UBER) last announced its earnings results on Thursday, May 7th. The ride-sharing company reported ($0.64) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.15. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.35 billion. Uber Technologies had a negative net margin of 71.48% and a negative return on equity of 58.70%. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period last year, the firm posted ($2.26) earnings per share. As a group, equities research analysts forecast that Uber Technologies Inc will post -3.63 EPS for the current fiscal year.
Several analysts have recently issued reports on UBER shares. Goldman Sachs Group increased their price target on shares of Uber Technologies from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Royal Bank of Canada reduced their price target on shares of Uber Technologies from $52.00 to $45.00 and set an “outperform” rating on the stock in a research report on Monday, July 6th. Piper Sandler reissued a “hold” rating on shares of Uber Technologies in a research report on Wednesday, June 17th. Bank of America reissued a “buy” rating and set a $42.00 price target on shares of Uber Technologies in a research report on Thursday, June 4th. Finally, Raymond James assumed coverage on shares of Uber Technologies in a report on Wednesday, July 22nd. They issued a “market perform” rating on the stock. Three equities research analysts have rated the stock with a hold rating and thirty-six have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $41.78.
Uber Technologies Company Profile
Uber Technologies, Inc develops and supports proprietary technology applications that enable independent providers of ridesharing, and meal preparation and delivery services to transact with end-users worldwide. The company operates in two segments, Core Platform and Other Bets. Its driver partners provide ridesharing services through a range of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis, as well as based on the number of riders under the UberBLACK, UberX, UberPOOL, Express POOL, and Uber Bus names; and restaurant and delivery partners provide meal preparation and delivery services under the Uber Eats name.
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