Kornitzer Capital Management Inc. KS Reduces Stock Position in Uber Technologies, Inc. $UBER

Kornitzer Capital Management Inc. KS decreased its position in shares of Uber Technologies, Inc. (NYSE:UBER) by 6.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,036 shares of the ride-sharing company’s stock after selling 9,231 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Uber Technologies were worth $13,425,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Kilter Group LLC purchased a new stake in Uber Technologies during the second quarter worth $26,000. Westend Capital Management LLC purchased a new stake in shares of Uber Technologies in the 3rd quarter worth about $27,000. Trust Co. of Toledo NA OH acquired a new stake in Uber Technologies in the 2nd quarter valued at about $30,000. Total Investment Management Inc. purchased a new position in Uber Technologies during the 2nd quarter valued at about $32,000. Finally, REAP Financial Group LLC raised its position in Uber Technologies by 158.2% during the second quarter. REAP Financial Group LLC now owns 408 shares of the ride-sharing company’s stock worth $38,000 after acquiring an additional 250 shares during the last quarter. 80.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Cantor Fitzgerald lowered their price target on shares of Uber Technologies from $108.00 to $99.00 and set an “overweight” rating on the stock in a research report on Thursday, January 8th. Erste Group Bank cut Uber Technologies from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Morgan Stanley cut their price target on Uber Technologies from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Monday, December 8th. Piper Sandler set a $107.00 price objective on Uber Technologies in a research note on Wednesday, November 5th. Finally, Barclays dropped their price objective on Uber Technologies from $110.00 to $107.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Four investment analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Uber Technologies has an average rating of “Moderate Buy” and a consensus price target of $107.97.

Insiders Place Their Bets

In other news, CFO Prashanth Mahendra-Rajah sold 5,500 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $94.41, for a total transaction of $519,255.00. Following the completion of the sale, the chief financial officer directly owned 20,330 shares of the company’s stock, valued at $1,919,355.30. The trade was a 21.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Tony West sold 3,125 shares of the company’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $83.50, for a total value of $260,937.50. Following the sale, the insider owned 176,584 shares of the company’s stock, valued at approximately $14,744,764. The trade was a 1.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 14,875 shares of company stock worth $1,319,130. 3.70% of the stock is owned by company insiders.

Uber Technologies Stock Down 0.4%

UBER opened at $81.96 on Tuesday. Uber Technologies, Inc. has a 12 month low of $60.63 and a 12 month high of $101.99. The business has a 50-day moving average of $84.45 and a two-hundred day moving average of $90.56. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.15 and a quick ratio of 1.15. The stock has a market capitalization of $170.30 billion, a price-to-earnings ratio of 10.53 and a beta of 1.20.

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

Uber Technologies Profile

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.