5 Best Big Tech Stocks to Buy Now

2. Uber Technologies, Inc. (NYSE:UBER)

Market Capitalization as of October 10: $58.9 billion

Current Share Price as of October 10: $27.36

Number of Hedge Fund Holders: 129

San Francisco, California-based, Uber Technologies, Inc. (NYSE:UBER) provides technology platforms matching consumers looking for rides and independent ride services providers. It also offers other forms of transportation including public transit, bikes, and scooters. Other offerings include food delivery on demand, freight services, business fleet services, and same day delivery options. It operates in over 70 countries worldwide and boasted 115 million monthly active platform consumers as of March 31, 2022.

In August, Uber Technologies, Inc. (NYSE:UBER) released its financial results for the second quarter of  2022. Its total revenue increased by 106% y-o-y to $8.1 billion, while it reported a net loss of $2.6 billion. The normalized EPS was recorded at -$0.03 for the quarter, beating the consensus by $0.02.

As of October 10, Uber Technologies, Inc. (NYSE:UBER) shares are down 33% year-to-date. The average analyst price target is $46.95 per share.

As of Q2 2022, 129 of the 895 hedge funds tracked by Insider Monkey were long Uber Technologies, Inc. (NYSE:UBER), holding shares worth $5.3 billion. Ken Fisher’s Fisher Asset Management was the largest shareholder with ownership of 24.5 million shares valued at $501 million.