5 Stocks to Buy Now Before the Bull Market Begins

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

Number of Hedge Fund Holders: 144

Share Price Decline YTD as of August 16: 26.33%

Uber Technologies, Inc. (NYSE:UBER) operates ride sharing applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. Uber Technologies, Inc. (NYSE:UBER) stock has fallen 26.33% year to date as of August 16. Wedbush analyst Daniel Ives on August 5 told investors that Uber Technologies, Inc. (NYSE:UBER)’s June quarter was “robust” and a step in the right direction, with its top and bottom lines ahead of estimates and much better than Wall Street anticipated. The analyst maintained an Outperform rating and a $38 price target on Uber Technologies, Inc. (NYSE:UBER), noting the company offered a solid September quarter guidance. He is also positive about Uber Technologies, Inc. (NYSE:UBER)’s capacity to generate profits while manoeuvring inflationary constraints and driver shortages that still prevail in some cities.

According to Insider Monkey’s Q1 data, 144 hedge funds were bullish on Uber Technologies, Inc. (NYSE:UBER), compared to 153 funds in the last quarter. Brad Gerstner’s Altimeter Capital Management held a significant stake in the company, with 17 million shares worth about $607 million.

Here is what ClearBridge Large Cap Growth Strategy has to say about Uber Technologies, Inc. (NYSE:UBER) in its Q3 2021 investor letter:

“We have also been looking for multi-year secular trends outside of the IT and Internet sectors to help us maintain a portfolio that can perform well in markets with varied sector or factor leadership. In particular, electrification of the global economy and the transition to electric vehicles (EVs) are areas where we continue to add exposure. We are investing in the brains behind EVs through NXP in the control center and Aptiv for safety features. Global rideshare leader Uber will also be a key player in the transition from internal combustion engines to EVs.”

You can also take a look at Cliff Asness’ Short Position on AMC and His Top 10 Picks and 10 Defensive Stocks in Billionaire Ray Dalio’s Latest Portfolio. 

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