5 Latest Stock Picks of Chinese Billionaire Chen Tianqiao’s Shanda Asset Management

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

Shanda Asset Management’s Stake Value: $35.8 million CALL Options

Percentage of Shanda Asset Management’s 13F Portfolio: 3.71%

Number of Hedge Fund Holders: 143

Uber Technologies, Inc. (NYSE:UBER) is an American company known for its ridesharing platform that kicked off the global interest in using consumer electronics and technology to connect drivers with riders. It operates through its smartphone application which aims to provide riders with conveniently sourced rides.

During Q3 2021, Shanda Asset Management bought 800,000 Uber Technologies, Inc. (NYSE:UBER)’s call options. These were worth $35.8 million and represented 3.71% of its portfolio. For the same time period, 143 of the 867 hedge funds polled by Insider Monkey owned a stake in the company.

In its Q3, Uber Technologies, Inc. (NYSE:UBER) earned $4.8 billion in revenue and -$1.28 in GAAP EPS, beating analyst revenue estimates and missing those for EPS. In November 2021, Stifel reduced the company’s price target from $58 to $55, outlining that recent circumstances merit a small reduction in estimates due to an unpredictable environment.

Uber Technologies, Inc. (NYSE:UBER)’s largest investor is Brad Gerstner’s Altimeter Capital Management who owns 24.5 million shares worth a cool $1 billion.

Uber Technologies, Inc. (NYSE:UBER) was mentioned by ClearBridge Investments in its Q2 2021 investor letter, which stated that:

“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.”

You can also take a peek at the 14 Stocks to Buy According to Daniel Kim’s Blackcrane Capital and 10 Best High Risk Stocks to Buy Right Now.

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