5 Best Fast Growth Stocks to Buy Now

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

Number of Hedge Fund Holders: 135

Despite being a mature company, Uber Technologies, Inc. (NYSE:UBER) continues to grow. During the fourth quarter of 2022 Uber Technologies, Inc. (NYSE:UBER) saw its revenue jump 48.8% year over year to reach $8.6 billion, beating analyst estimates by $90 million. GAAP EPS in the period came in at $0.29, beating estimates by $0.45.

Uber Technologies, Inc. (NYSE:UBER) is one of the most popular fast growth stocks among the elite hedge funds tracked by Insider Monkey. 135 hedge funds reported owning stakes in Uber Technologies, Inc. (NYSE:UBER) as of the end of the fourth quarter of 2022. The biggest hedge fund stakeholder of Uber Technologies, Inc. (NYSE:UBER) was Panayotis Takis Sparaggis’s Alkeon Capital Management which owns a $317 million stake in the company.

Artisan Partners made the following comment about Uber Technologies, Inc. (NYSE:UBER) in its Q3 2022 investor letter:

“During the quarter, we began new GardenSM campaigns in Uber Technologies, Inc. (NYSE:UBER) and Shopify. In July, we initiated our position in Uber, a leader in global ride-hailing and online food delivery. We believe the company is wellpositioned to benefit from strong secular tailwinds in both of its core businesses. Earlier this year, management outlined a plan at its investor day to achieve $4 billion of free cash flow by 2024, an encouraging commitment given investors have maligned the company for years of being unprofitable. We witnessed solid progress toward achieving this goal in the company’s most recent earnings results, where it beat expectations for the quarter on both fronts and delivered positive FCF for the first time. The company also indicated it isn’t seeing any evidence of slowing demand. We recognize the execution risk associated with Uber achieving its long-term targets, and the path likely won’t be linear, which is why we are keeping our position size modest until we see signs of continued operational momentum in the coming quarters.”

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