5 Stocks to Buy According to John Hurley’s Cavalry Asset Management

In this article, we discuss 5 stocks to buy according to John Hurley’s Cavalry Asset Management. If you want to read our detailed analysis of Hurley’s investment philosophy and performance, go directly to 10 Stocks to Buy According to John Hurley’s Cavalry Asset Management.

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

Cavalry Asset Management’s Stake Value: $72,029,000

Percentage of Cavalry Asset Management’s 13F Portfolio: 5.5%

Number of Hedge Fund Holders: 144

Uber Technologies, Inc. (NYSE:UBER) is a mobility technology firm located in California. As of August 1, the stock has fallen by about 47% year-to-date. Uber Technologies, Inc. (NYSE:UBER) is expanding in the massive ridesharing and delivery industry, but is struggling to remain profitable even as drivers bear more than 75% of the costs.

In the first quarter of 2022, Cavalry Asset Management purchased 2.02 million shares of Uber Technologies, Inc. (NYSE:UBER), worth $72.03 million. That represented 5.5% of the hedge fund’s portfolio value. Out of the hedge funds tracked by Insider Monkey, 144 reported having ownership stakes in Uber Technologies, Inc. (NYSE:UBER) as of the end of the first quarter of 2022, down from 153 a quarter earlier. The aggregate value of hedge funds’ Q1 holdings stood at $8.48 billion.

In advance of the company’s Q2 results, Deutsche Bank analyst Benjamin Black reiterated a ‘Buy’ recommendation on Uber Technologies, Inc. (NYSE:UBER), while cutting his price objective to $40 from $50. According to the expert, there is far greater concern about the issuer’s supply side, which is negatively affects investor sentiment.

On August 2, Uber Technologies, Inc. (NYSE:UBER) reported its financial results for the second quarter, posting a loss per share of $1.33, missing estimates by $1.06. However, Monthly Active Platform Consumers (“MAPCs”) was up 21% from the prior-year quarter, reaching 122 million.

ClearBridge Investments mentioned Uber Technologies, Inc. (NYSE:UBER) in its Q3 2021 investor letter. Here’s what it said:

“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.”