5 Best Delivery Stocks To Buy Heading Into 2023

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

Number of Hedge Fund Holders: 142

Uber Technologies, Inc. (NYSE:UBER) is one of the premier delivery stocks to buy heading into 2023. On November 9, Uber Technologies, Inc. (NYSE:UBER) and Grocery Outlet Holding Corp. (NASDAQ:GO) announced that they have expanded their on-demand grocery delivery partnership across the United States.

Cowen analyst John Blackledge on October 24 reiterated an Outperform rating on Uber Technologies, Inc. (NYSE:UBER) but trimmed the price target on the shares to $70 from $76. The analyst expects Uber Technologies, Inc. (NYSE:UBER)’s Q3 2022 Gross Bookings at the high end of the guidance, supported by the continuous recovery in Mobility and expansion of core EBITDA margins.

Among the hedge funds tracked by Insider Monkey, Uber Technologies, Inc. (NYSE:UBER) was part of 142 public stock portfolios at the end of Q3 2022, compared to 129 in the prior quarter. Philippe Laffont’s Coatue Management is a significant position holder in the company, with 16.6 million shares worth $440.6 million.  

Artisan Partners made the following comment about Uber Technologies, Inc. (NYSE:UBER) in its Q3 2022 investor letter:

“During the quarter, we began new GardenSM campaigns in Uber Technologies, Inc. (NYSE:UBER) and Shopify. In July, we initiated our position in Uber, a leader in global ride-hailing and online food delivery. We believe the company is well positioned to benefit from strong secular tailwinds in both of its core businesses. Earlier this year, management outlined a plan at its investor day to achieve $4 billion of free cash flow by 2024, an encouraging commitment given investors have maligned the company for years of being unprofitable. We witnessed solid progress toward achieving this goal in the company’s most recent earnings results, where it beat expectations for the quarter on both fronts and delivered positive FCF for the first time. The company also indicated it isn’t seeing any evidence of slowing demand. We recognize the execution risk associated with Uber achieving its long-term targets, and the path likely won’t be linear, which is why we are keeping our position size modest until we see signs of continued operational momentum in the coming quarters.”