5 Best Consumer Discretionary Stocks to Buy Now

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

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.

Earlier this year in August, Uber Technologies, Inc. (NYSE:UBER) released its financial results for the quarter ended June 30, 2022. Its total revenue increased by 106% y-o-y to $8.1 billion, while it reported a net loss of $2.6 billion, for the three months. The normalized EPS was recorded at -$0.03 for the quarter, beating the consensus by $0.02.

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.

Here is what ClearBridge Large Cap Growth Strategy has to say about Uber Technologies, Inc. (NYSE:UBER) in its Q3 2021 investor letter:

“We have also been looking for multi-year secular trends outside of the IT and Internet sectors to help us maintain a portfolio that can perform well in markets with varied sector or factor leadership. In particular, electrification of the global economy and the transition to electric vehicles (EVs) are areas where we continue to add exposure. We are investing in the brains behind EVs through NXP in the control center and Aptiv for safety features. Global rideshare leader Uber will also be a key player in the transition from internal combustion engines to EVs.”