3. Uber Technologies, Inc. (NYSE:UBER)
Number of Hedge Fund Holders: 129
1-Year Share Price Gain as of April 19: 119.68%
Uber Technologies, Inc. (NYSE:UBER) offers its services through three segments, Mobility, Delivery, and Freight. The stock is among our best multibagger stocks to buy now and Uber Technologies, Inc. (NYSE:UBER) is higher by 119.68% in the last twelve months, as of April 19.
Uber Technologies, Inc. (NYSE:UBER) was part of 129 hedge funds’ portfolios in the fourth quarter of 2023 with a total stake value of $8.743 billion. D E Shaw is the most prominent shareholder in the company and has a position worth $886.123 million as of Q4 of 2023.
Uber Technologies, Inc. (NYSE:UBER) was mentioned in RiverPark Advisors’ fourth quarter 2023 investor letter:
“Uber Technologies, Inc. (NYSE:UBER): UBER was a top contributor in the quarter following better than expected 3Q23 earnings and 4Q23 guidance. Gross bookings of $35.3 billion were up 21% year over year. Mobility gross bookings of $17.9 billion grew 30% over last year driven by a combination of product innovation and driver availability. Delivery gross bookings of $16 billion were up 16% from last year and continued to be strong throughout the quarter. 1Q Adjusted EBITDA of $1.1 billion, up $576 million year over year, was better than management’s guidance of $1 billion, and the company generated $900 million of free cash flow, up from $358 million last year. Management guided to continuing growth in 4Q Gross Bookings (23.5% growth) and Adjusted EBITDA (of $1.2 billion).
UBER remains the undisputed global leader in ride sharing, with a greater than 50% share in every major region in which it operates. The company is also a leader in food delivery, where it is number one or two in the more than 25 countries in which it operates.1 Moreover, after a history of losses, the company is now profitable, delivering expanding margins and substantial free cash flow. We view UBER as more than a ride sharing and food delivery service; we also see it as a global mobility platform with 142 million users (by comparison, Amazon Prime has 200 million members) and the ability to penetrate new markets of on-demand services, such as package and grocery delivery, travel, and hourly worker staffing. Given its $5.2 billion of unrestricted cash and $5.1 billion of investments, the company today has an enterprise value of $128 billion, indicating that UBER trades at 21x our estimates of next year’s free cash flow.”
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