5 Cheap Stocks Hedge Funds Are Talking About

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

Price as of March 11, 2022: $30.76 per share

ClearBridge Investments published its “Large Cap Growth Strategy” third quarter 2021 investor letter in the fourth quarter of last year – a copy of which can be downloaded here. The ClearBridge Large Cap Growth Strategy underperformed its Russell 1000 Growth Index benchmark during the third quarter. On an absolute basis, the Strategy had gains across four of the eight sectors in which it was invested (out of 11 sectors total). The leading contributors to performance were in the IT and healthcare sectors, while the consumer discretionary and industrials sectors were detractors. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2022.

ClearBridge Large Cap Growth Strategy, in its Q3 2021 investor letter, mentioned Uber Technologies, Inc. (NYSE:UBER) and discussed its stance on the firm. Uber Technologies, Inc. (NYSE:UBER) is a San Francisco, California-based transport company with a $60.1 billion market capitalization. Uber Technologies, Inc. (NYSE:UBER) shares have lost 26.64% since the beginning of the year, pushing their 12-month losses to 49.03%. The stock closed at $30.76 per share on March 11, 2022.

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

“We have also been looking for multiyear 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 Technologies, Inc. (NYSE:UBER) will also be a key player in the transition from internal combustion engines to EVs.”