10 Best High Volume Stocks To Buy According to Hedge Funds

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

Avg Volume: 15.59 million

Quarterly Revenue Growth: 15.93%

Number of Hedge Fund Holders: 145

Uber Technologies, Inc. (NYSE:UBER) is a leading global provider of ride-hailing, food delivery, and freight services, transforming urban transportation by connecting passengers with drivers through its mobile app since its founding.

BTIG has reaffirmed its positive outlook on Uber Technologies, Inc. (NYSE:UBER), maintaining a Buy rating with a price target of $90. Their analysis highlights high single-digit growth in delivery and mid-teen growth in rideshare, with Uber Technologies, Inc. (NYSE:UBER) successfully retaining its market share in both sectors. This is particularly noteworthy in the United States, which accounts for around 40% of Uber’s bookings.

In the second quarter of 2024, the company reported impressive results, with gross bookings and adjusted EBITDA increasing by 21% and 71% year-over-year, respectively. Additionally, Uber Technologies, Inc. (NYSE:UBER) has formed a strategic partnership with Turo, the world’s largest peer-to-peer car-sharing marketplace, to enhance its car rental offerings across various countries.

In Q2, 145 hedge funds held positions in Uber Technologies, Inc. (NYSE:UBER), with a total stake valued at $8.7 billion. As of June 30, Altimeter Capital Management emerged as the largest shareholder, holding 13.515 million shares.