10 Best Gig Economy Stocks To Buy

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

Number of Hedge Fund Holders: 145

Uber Technologies, Inc. (NYSE:UBER) is a passenger ground transportation company based in San Francisco, California. It offers ride-sharing and ride-hailing services through its platform.

This ride-hailing giant is well known for its expansive global reach and immense profitability. With the rise of autonomous vehicles and the current market discourse on robotaxis, Uber Technologies, Inc. (NYSE:UBER) is only getting more investor attention. The company is currently working to open up its ride-hailing network to big AV players so that robotaxi bookings can be facilitated through the Uber app. Through this, Uber Technologies, Inc. (NYSE:UBER) may just be able to cement its position in the very center of a potentially huge new sector in the automotive space.

According to the company’s CEO, Dara Khosrowshahi, in its second-quarter earnings call, the Uber consumer also seems to be in good shape right now. Uber Technologies, Inc. (NYSE:UBER) typically gets most of its user traffic from higher-income individuals, which is why the company isn’t seeing a decline in customer traffic this year, despite inflationary pressures persisting until September. This factor has also helped many investors develop more optimistic opinions about the stock.

At the end of the second quarter, 145 hedge funds were long Uber Technologies, Inc. (NYSE:UBER), with a total stake value of $8.7 billion.