Analysts Say These 3 Stocks Will Double

Published on July 8, 2022 at 10:17 am by Hamna Asim in Hedge Funds, News

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

Number of Hedge Fund Holders: 144

Uber Technologies, Inc. (NYSE:UBER) is a California-based mobility technology company. The stock has declined over 48% year to date as of July 7. The company has been unprofitable for four years, and despite the share price tanking this year, analysts believe that the stock is set for a 129% rebound, according to the Bloomberg report we cited in the first part of this article.

On June 29, JPMorgan analyst Doug Anmuth maintained an Overweight rating on Uber Technologies, Inc. (NYSE:UBER) but lowered the price target to $48 from $60. The analyst cut estimates and price targets on 26 companies, citing macro pressures, currency movement, and internal company dynamics. The analyst considers Uber Technologies, Inc. (NYSE:UBER) to be one of his best ideas.

According to Insider Monkey’s database, 144 hedge funds were bullish on Uber Technologies, Inc. (NYSE:UBER) at the end of Q1 2022, down from 153 funds in the earlier quarter. Fisher Asset Management held the biggest stake in the company, with 23.7 million shares worth $849 million.

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

“We have also been looking for multi-year 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 will also be a key player in the transition from internal combustion engines to EVs.”

You can also take a look at 10 EV Stocks to Buy as Tesla’s Market Share Declines and Cathie Wood’s Latest Thoughts on Inflation and Her 10 Worst-Performing Stock Picks.