5 Famous Tech Stocks Trading At Discount Today

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

Number of Hedge Fund Holders: 153

Decline in Share Price Over Past Six Months: 18.90%

Uber Technologies, Inc. (NYSE:UBER) owns and runs a ride-hailing platform. The company is trading at close to 30% below the price at the initial offering. This represents a compelling buying opportunity since the firm has used the pandemic year to dramatically transform the business, lowering operational costs and generating a profit for the first time in late 2021. It has also invested 12% of the market cap in net cash and equities. As post-pandemic demand surges, the shares have lots of room to go higher in the coming months. 

On March 24, Stifel analyst Scott Devitt kept a Buy rating on Uber Technologies, Inc. (NYSE:UBER) stock with a price target of $48, highlighting that a recent deal by the firm to merge the software of competitors like Creative Mobile Technologies and Curb Mobility with Uber would “strengthen relationships with local municipalities and help with driver supply” in addition to reducing competition. 

Among the hedge funds being tracked by Insider Monkey, Boston-based Altimeter Capital Management is a leading shareholder in Uber Technologies, Inc. (NYSE:UBER) with 1.5 million shares worth more than $482 million. 

ClearBridge Investments, in its Q4 2021 investor letter, mentioned Uber Technologies, Inc. (NYSE:UBER). Here is what the fund has to say in its 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.”