10 Best Growth Stocks to Buy According to Billionaires

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

3-Years Sales Growth: 36.07%

Number of Hedge Fund Holders: 166

Number of Billionaires: 22

Value of Billionaire Holdings: $1,715,739,984

Uber Technologies, Inc. (NYSE:UBER) is an international mobility technology company that operates in mobility, freight, and delivery services. It has operations in more than 70 countries around the world. On April 9, Needham analyst Bernie McTernan maintained a Buy rating on the stock.

The analyst based his bullish sentiment on various factors including its competitive advantage of shorter wait times to book rides. McTernan noted the company has a pricing advantage over its customers which is reflecting its market share. While the analyst acknowledged that the weaker Dollar has led to increased estimates for the company, the overall market conditions remain robust.

During the fiscal fourth quarter of 2024, Uber Technologies, Inc. (NYSE:UBER) grew its gross bookings by 18% year-over-year, taking its revenue up by 20% to reach $12 billion. Moreover, Hardman Johnston Global Equity Strategy in its Q4 2024 investor letter noted that the company has a 65% market share across all its categories. The fund sees sustained revenue growth for the company driven by its expansion and product innovation. It is one of the best growth stocks to buy according to billionaires.

Hardman Johnston Global Equity Strategy stated the following regarding Uber Technologies, Inc. (NYSE:UBER) in its Q4 2024 investor letter:

“During the quarter, we initiated three new positions in Lennar Corporation, Bank of America Corp., and Uber Technologies, Inc. (NYSE:UBER). Uber is a leading platform company that facilitates ride-hailing, food delivery, and freight booking services, which each represent large and underpenetrated markets. Uber is active in more than 10,000 cities and approximately 70 countries globally, and Uber is a market leader with more than 65% market share in nearly all ride-sharing regions in which it operates. Uber should continue to benefit from secular tailwinds, product innovation, expansion, and network effects. The cross-selling of the Uber One membership program should drive both loyalty and engagement. International markets represent half the business and continue to be an important growth driver. Overall, we see sustained healthy topline growth for the company over the next three years with some insulation to global economic trends.”