5 Best Stocks To Buy According To Josh Resnick’s Jericho Capital Asset Management

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

Jericho Capital Asset Management’s Stake Value: $220.9 million
Percentage of Jericho Capital Asset Management’s 13F Portfolio: 5.23%
Number of Hedge Fund Holders: 135

Multinational company Uber Technologies, Inc. (NYSE:UBER) is a mobility as a service provider, offering a range of services, including transportation, food delivery and package delivery. Uber Technologies, Inc (NYSE:UBER), on October 24, said it is launching a new partnership with rental car company Hertz to offer 50,000 Tesla Inc (NASDAQ:TSLA) vehicles as a rental option for its ride-hail drivers by 2023.

On October 15, Evercore ISI analyst Mark Mahaney added Uber Technologies, Inc. (NYSE:UBER) to his “Tactical Outperform List” while keeping an Outperform rating on its shares with a $70 price target.

According to the 13F filings for the second quarter, Josh Resnick’s Jericho Capital Asset Management holds over 4.4 million shares of Uber Technologies, Inc. (NYSE:UBER), worth approximately $220.9 million, accounting for 5.23% of the fund’s portfolio.

Of the 873 elite funds tracked by Insider Monkey, 135 were long Uber Technologies, Inc. (NYSE:UBER) at the end of June, up from 130 in the first quarter of 2021. Brad Gerstner of Altimeter Capital Management is the leading stakeholder of the company.

ClearBridge Investments mentioned Uber Technologies, Inc. (NYSE:UBER) in its Q2 2021 investor letter. Here is what the firm has to say:

“The pandemic has also brought attention to the question of gig worker employment status for companies, including ClearBridge holdings Uber and Lyft. In the U.K., Uber proactively classified its drivers as “workers” ahead of final rulings from the British court system. The worker status in the U.K. is a designation between self-employed and employed status that entitles drivers to minimum wage, holiday pay and in some cases a pension.

ClearBridge has engaged with Uber on labor issues since its IPO, and we have given feedback over that time to the CEO, CFO, Chief Legal Officer and Investor Relations on labor relations as well as strategy and communications. Uber’s agreement on this designation is ahead of other competitors in the market and the legal mandate represents a step forward in the company’s thinking about labor. The agreement represents a short-term hit to earnings, yet in some ways it places Uber ahead of the market in its ability to balance labor and shareholder interests. Workers benefit from improved conditions, with new contributions amounting to roughly 3% of a driver’s earnings, while Uber establishes more certainty on costs and visibility into its regulatory environment and operation conditions in the future.”