Uber Technologies (NYSE:UBER) Stock Price Up 5.1% Following Insider Buying Activity
Shares of Uber Technologies Inc (NYSE:UBER) rose 5.1% during mid-day trading on Thursday following insider buying activity. The stock traded as high as $29.60 and last traded at $29.46, approximately 53,649,074 shares traded hands during trading. An increase of 241% from the average daily volume of 15,730,174 shares. The stock had previously closed at $28.03.
Specifically, insider Manik Gupta sold 15,188 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $27.01, for a total value of $410,227.88. Also, Director Travis Cordell Kalanick sold 1,412,310 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $26.57, for a total value of $37,525,076.70. Following the completion of the transaction, the director now directly owns 75,132,095 shares in the company, valued at $1,996,259,764.15. The disclosure for this sale can be found here. Insiders sold 27,738,177 shares of company stock worth $746,644,448 over the last three months.
UBER has been the topic of several research reports. Guggenheim initiated coverage on Uber Technologies in a research report on Thursday, October 24th. They issued a “buy” rating and a $40.00 price objective on the stock. Oppenheimer set a $55.00 target price on Uber Technologies and gave the stock a “buy” rating in a research report on Friday, August 9th. Bank of America set a $53.00 target price on Uber Technologies and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Co initiated coverage on Uber Technologies in a research report on Thursday, September 26th. They set a “market perform” rating and a $41.00 target price on the stock. Finally, JMP Securities reaffirmed an “outperform” rating on shares of Uber Technologies in a research report on Tuesday, August 13th. Eleven equities research analysts have rated the stock with a hold rating and twenty-eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $50.26.
Uber Technologies (NYSE:UBER) last issued its earnings results on Monday, November 4th. The ride-sharing company reported ($0.68) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.83) by $0.15. Uber Technologies had a negative return on equity of 209.48% and a negative net margin of 63.57%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.68 billion. The firm’s revenue was up 29.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Uber Technologies Inc will post -6.84 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. AE Wealth Management LLC acquired a new position in shares of Uber Technologies during the second quarter worth approximately $564,000. Westpac Banking Corp acquired a new position in shares of Uber Technologies during the second quarter worth approximately $690,000. Creative Planning acquired a new position in shares of Uber Technologies during the second quarter worth approximately $482,000. Pictet Asset Management Ltd. acquired a new position in shares of Uber Technologies during the second quarter worth approximately $2,712,000. Finally, Quad Cities Investment Group LLC boosted its position in shares of Uber Technologies by 47.8% during the third quarter. Quad Cities Investment Group LLC now owns 3,400 shares of the ride-sharing company’s stock worth $102,000 after buying an additional 1,100 shares during the period. Institutional investors and hedge funds own 45.09% of the company’s stock.
Uber Technologies Company Profile (NYSE:UBER)
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.
Further Reading: Dividend Reinvestment Plan (DRIP)
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