10 Best Autonomous Driving Stocks To Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 136

Uber Technologies, Inc. (NYSE:UBER) is a global leader in ride-hailing, food delivery, and freight services, operating across more than 70 countries. The company has transformed urban mobility by offering innovative, convenient, and cost-effective solutions to millions of users.

Autonomous technology is poised to play a pivotal role in Uber’s future strategy. The company positions itself as the platform partner of choice for various autonomous vehicle companies. For instance, General Motors plans to deploy its Cruise AVs on the Uber platform in the first half of 2025. This follows an October 2024 announcement of Uber’s multi-year partnership with Avride to integrate its delivery robots and autonomous vehicles into Uber and Uber Eats operations.

On October 31, Uber Technologies, Inc. (NYSE:UBER) reported its financial results for Q3 2024. The company’s revenue surged 20% year-over-year to $11.2 billion, while gross bookings grew 16% to $41 billion. Moreover, the platform facilitated 2.9 billion trips during the quarter, marking a 17% increase year-over-year, or an average of 31 million trips daily.

On November 26, BTIG reiterated its Buy rating for Uber Technologies, Inc. (NYSE:UBER) with a price target of $90. The firm’s analysis highlighted the U.S. mobility segment, focusing on revenue growth, insurance expenses, and 2025 projections. Insurance costs currently account for a low double-digit percentage of Uber’s bookings, with high-teen growth rates anticipated. BTIG projects high single-digit growth per ride and expects a rise in U.S. mobility EBITDA for 2025, despite fare increases slowing to 0-6%.