Hohimer Wealth Management LLC has significantly increased its investment in Uber Technologies, Inc. by an impressive 281.4% during the third quarter of 2023, according to data from Holdings Channel. The firm now holds 34,300 shares of the ride-sharing giant after acquiring an additional 25,307 shares in the quarter. As per the most recent filing with the Securities and Exchange Commission (SEC), these holdings are valued at approximately $3.36 million.
This substantial investment is part of a broader trend among institutional investors, with several firms adjusting their stakes in Uber. For instance, Foster Group Inc. has increased its position by 3.3%, now owning 3,364 shares valued at $330,000 after purchasing an additional 107 shares. Similarly, Sage Rhino Capital LLC expanded its holdings by 4.2%, bringing its total to 2,740 shares worth $268,000, following the acquisition of 110 shares.
Quent Capital LLC also increased its stake by 3.3%, now owning 3,504 shares valued at $343,000, while Advisors Capital Management LLC raised its holdings by 1.8%, totaling 6,398 shares valued at $627,000. Emergent Wealth Advisors LLC made a more modest increase of 0.7%, now holding 17,361 shares valued at $1.7 million.
Overall, institutional investors and hedge funds currently own approximately 80.24% of Uber’s stock, reflecting strong confidence in the company’s future prospects.
Uber’s Performance and Market Metrics
Uber Technologies saw its shares open at $74.76 on the last trading day. Over the past year, the stock has fluctuated between a low of $60.63 and a high of $101.99. The company’s market capitalization stands at $153.87 billion, with a price-to-earnings (P/E) ratio of 15.87 and a beta of 1.21.
In its latest earnings report, released on February 4, 2024, Uber reported earnings of $0.71 per share, slightly below analyst expectations of $0.79. However, the company reported revenue of $14.37 billion, surpassing projections of $14.32 billion. The firm’s net margin was reported at 19.33% with a return on equity of 43.63%, showing significant growth as revenues increased by 20.1% compared to the same quarter last year.
Looking ahead, Uber Technologies has set guidance for the first quarter of 2026, projecting earnings per share between $0.650 and $0.720. Analysts expect the company will report earnings of $2.54 per share for the current year.
Insider Trading Activity
In related news, Uber’s Chief Financial Officer Balaji Krishnamurthy purchased 22,453 shares on February 24, 2024, at an average price of $71.25, totaling approximately $1.6 million. Following this transaction, Krishnamurthy now owns 28,742 shares valued at around $2.05 million, marking a substantial increase in his stake by 357.02%.
Conversely, insider Tony West sold 3,125 shares on January 20, 2024, at an average price of $83.50, resulting in a total sale value of $260,937.50. After this transaction, West holds 176,584 shares valued at approximately $14.74 million, reflecting a 1.74% decrease in his position. Insiders collectively own about 3.84% of Uber’s stock.
Uber Technologies, founded in 2009 by Garrett Camp and Travis Kalanick, has transformed from a ride-hailing service into a multifaceted mobility and logistics platform. The company continues to innovate and expand its services globally, positioning itself as a leader in the transportation and delivery sectors.
