Tesla Inc (TSLA) and 4 Other Consumer Discretionary Stocks That Have Wowed Billionaire Philippe Laffont

Below we take a look at Tesla Inc (TSLA) and 4 Other Consumer Discretionary Stocks That Have Wowed Billionaire Philippe Laffont. For our methodology and a more comprehensive list of the billionaire’s favorite stocks, please see Tesla Inc (TSLA) and 9 Other Consumer Discretionary Stocks That Have Wowed Billionaire Philippe Laffont.

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

Value of Coatue Management‘s 13F Position: $323 million

Number of Hedge Fund Shareholders: 143

Hedge funds have become staunch supporters of Uber Technologies, Inc. (NYSE:UBER) since late-2019, with the stock consistently ranking among the 30 Most Popular Stocks Among Hedge Funds ever since. Philippe Laffont’s Coatue Management grew its UBER stake by 53% to 9.04 million shares during Q1, ranking it as the fund’s 14^th-largest long position on March 31.

Uber Technologies, Inc. (NYSE:UBER) CEO Dara Khosrowshahi recently sent out an email to its employees detailing how the company was planning on scaling back on marketing and hiring, and describing the current economic landscape as one that was undergoing a “seismic shift”. Uber’s head honcho had previously declared that the company would be cash flow positive by the end of this year, so these moves appear to align with that strategy.

Rising fuel costs, which have jumped by nearly 50% in some areas over the past five months, have prompted Uber Technologies, Inc. (NYSE:UBER) to hike its fare prices in some regions, including the United Arab Emirates, where it’s hiked prices twice this year as gasoline prices surge. JPMorgan recently lowered its price target on Uber to $48 from $60, noting those rising fuel costs, in addition to slowing consumer spending and confidence.