5 Best Growth Stocks to Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 129  

Uber Technologies, Inc. (NYSE:UBER) develops and operates proprietary technology applications worldwide. It is one of the best growth stocks to invest in. On October 19, Uber Technologies revealed that it has launched Journey Ads, a dedicated advertising division led by industry veteran Mark Grether to drive its ad business growth. On October 18, Uber Eats said it was now delivering cannabis in Toronto, Ontario.

On August 3, MKM Partners analyst Rohit Kulkarni maintained a Buy rating on Uber Technologies, Inc. (NYSE:UBER) stock and raised the price target to $40 from $32. 

At the end of the second quarter of 2022, 129 hedge funds in the database of Insider Monkey held stakes worth $5.3 billion in Uber Technologies, Inc. (NYSE:UBER), compared to 144 in the preceding quarter worth $8.5 billion. 

In its Q2 2022 investor letter, RiverPark Funds, an asset management firm, highlighted a few stocks and Uber Technologies, Inc. (NYSE:UBER) was one of them. Here is what the fund said:

“Uber Technologies, Inc. (NYSE:UBER) is a global technology platform that enables the transportation of people and products across cities and countries. The company’s three main business lines are 1) Mobility where the company is the number one or two player in the app-based personal transportation market in 10,000+ cities globally, 2) Delivery- (Uber Eats in the US) home delivery of prepared meals, grocery, liquor, and increasingly general retail products in seven of the top ten GDP markets globally, and 3) Freight- the largest global marketplace for end-to-end freight solutions including one million digitally connected truck drivers. In the company’s most recent quarter, it grew gross bookings by 35% year over year, consummated transactions with 115 million unique customers, completed 1.7 billion trips a month, and all three divisions were adjusted EBITDA positive (…read more)