Hedges Asset Management LLC Sells 3,400 Shares of Uber Technologies, Inc. (NYSE:UBER)

Hedges Asset Management LLC reduced its position in Uber Technologies, Inc. (NYSE:UBER) by 9.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,500 shares of the ride-sharing company’s stock after selling 3,400 shares during the quarter. Uber Technologies accounts for approximately 1.4% of Hedges Asset Management LLC’s investment portfolio, making the stock its 16th largest holding. Hedges Asset Management LLC’s holdings in Uber Technologies were worth $2,295,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Transce3nd LLC bought a new position in Uber Technologies during the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC bought a new position in shares of Uber Technologies during the fourth quarter valued at approximately $27,000. Kozak & Associates Inc. boosted its stake in shares of Uber Technologies by 155.9% during the first quarter. Kozak & Associates Inc. now owns 366 shares of the ride-sharing company’s stock valued at $27,000 after purchasing an additional 223 shares in the last quarter. Noble Wealth Management PBC purchased a new position in Uber Technologies during the first quarter valued at approximately $27,000. Finally, Runnymede Capital Advisors Inc. bought a new position in Uber Technologies in the fourth quarter worth approximately $28,000. 80.24% of the stock is currently owned by institutional investors.

Insider Activity at Uber Technologies

In related news, insider Jill Hazelbaker sold 34,884 shares of Uber Technologies stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $86.03, for a total value of $3,001,070.52. Following the completion of the transaction, the insider now owns 102,135 shares in the company, valued at $8,786,674.05. The trade was a 25.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $85.00, for a total value of $233,750.00. Following the transaction, the chief financial officer now owns 21,063 shares in the company, valued at $1,790,355. This represents a 11.55% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.84% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on UBER shares. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 target price on shares of Uber Technologies in a research report on Wednesday, May 7th. UBS Group raised their price objective on Uber Technologies from $103.00 to $107.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Stifel Nicolaus started coverage on shares of Uber Technologies in a report on Wednesday, June 11th. They issued a “buy” rating and a $110.00 target price for the company. JMP Securities restated a “market perform” rating on shares of Uber Technologies in a report on Thursday, May 15th. Finally, Raymond James Financial downgraded shares of Uber Technologies from a “strong-buy” rating to a “moderate buy” rating in a research report on Wednesday, June 18th. Eleven equities research analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Uber Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $95.18.

Uber Technologies Stock Up 2.4%

Shares of UBER opened at $93.09 on Friday. The company has a market capitalization of $194.67 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 1.15 and a beta of 1.38. Uber Technologies, Inc. has a 52 week low of $54.84 and a 52 week high of $94.38. The stock’s 50-day moving average price is $84.83 and its 200-day moving average price is $75.02. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Uber Technologies (NYSE:UBER) last announced its quarterly earnings results on Wednesday, May 7th. The ride-sharing company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.33. The company had revenue of $11.53 billion during the quarter, compared to the consensus estimate of $11.61 billion. Uber Technologies had a return on equity of 66.46% and a net margin of 27.07%. Uber Technologies’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.32) earnings per share. On average, sell-side analysts predict that Uber Technologies, Inc. will post 2.54 EPS for the current year.

Uber Technologies Profile

Uber Technologies, Inc develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia excluding China and Southeast Asia. It operates through three segments: Mobility, Delivery, and Freight. The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services.