5 Best Transportation Stocks To Buy Heading Into 2024

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

Number of Hedge Fund Holders: 144

Uber Technologies, Inc. (NYSE:UBER) develops and operates technology applications for transportation services worldwide. It operates in three segments – Mobility, Delivery, and Freight. Uber Technologies, Inc. (NYSE:UBER) is one of the best transportation stocks to buy. On September 28, Uber’s CEO, Dara Khosrowshahi, announced a shift in focus towards profitability during a speech at the Skift Global Forum in New York. The company intends to prioritize cost management and expand its offerings by introducing travel products, aiming to grow its reach while keeping costs under control. This comes after Uber reported its first quarterly profit and $1.2 billion in free cash flow during June, marking a change from its earlier years of substantial losses.

According to Insider Monkey’s second quarter database, Uber Technologies, Inc. (NYSE:UBER) was part of 144 hedge fund portfolios, same as the prior quarter. Brad Gerstner’s Altimeter Capital Management is the largest stakeholder of the company, with 13.3 million shares worth $575.7 million. 

Aristotle Large Cap Growth Strategy made the following comment about Uber Technologies, Inc. (NYSE:UBER) in its Q3 2023 investor letter:

“Uber Technologies, Inc. (NYSE:UBER) develops and operates proprietary technology applications. The company operates through three segments: Mobility, Delivery and Freight. The Company develops and operates proprietary technology applications supporting a variety of offerings on its platform.

We see the company as the global leader in ride-hailing and one of the few delivery app companies with a strong network effect for both businesses. Uber is experiencing strong revenue growth as adoption and frequency of usage continue to grow in both segments. We expect the company will also benefit from more demand due to the higher frequency of workers attending work in the office, rather than working from their homes. We look for revenue growth as the adoption of Uber’s services increases and the company expands globally.”

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