7 Best Delivery Stocks To Invest In Now

2. Uber Technologies Inc. (NYSE:UBER)

Number of Hedge Fund Holders: 145

Uber Technologies Inc. (NYSE:UBER) is a global transportation company that ranks second on our list of the best delivery stocks to invest in now. It offers a variety of services, including ride-hailing, food delivery through Uber Eats, courier services, and freight transport. Uber Eats operates in more than 6,000 cities across 45 countries, connecting consumers with restaurants and grocery stores while matching them with independent delivery providers. Additionally, Uber facilitates connections between shippers and carriers in the freight industry, making it easier to transport goods efficiently.

The company is focusing on strategic growth through several key partnerships and initiatives aimed at expanding its delivery services. In the second quarter of 2024, Uber Technologies Inc. (NYSE:UBER) partnered with Instacart to enable US restaurant delivery within the Instacart app, allowing Instacart customers to order from a wide range of restaurants using an Uber Eats interface. Additionally, Uber expanded its collaboration with Costco, offering members additional savings and discounts on Uber One memberships. The company also announced various partnerships with popular grocery stores and retailers. These partnerships not only enhance Uber’s grocery and retail delivery options but also improve customer engagement by adding stores like The Vitamin Shoppe and GNC to its platform. Uber Technologies Inc. (NYSE:UBER) has also expanded its partnership with Rite Aid to include alcohol delivery at nearly 1,000 locations across eight US states.

In the second quarter of 2024, the company reported a delivery revenue of $3.3 billion, reflecting an 8% increase compared to the same quarter in the previous year. This growth was mainly driven by higher delivery gross bookings. Overall, Uber Technologies Inc. (NYSE:UBER) has managed to grow its revenue by 26% over the past 5 years.

On October 3, Uber Technologies Inc. (NYSE:UBER) announced a multi-year partnership with Avride to integrate delivery robots and autonomous vehicles into its Uber Eats and ride-hailing services. Avride is a US-based startup that develops and operates both autonomous cars and delivery robots. Once the service is launched, customers using Uber Eats or Uber apps may have the option to choose an Avride delivery robot or an autonomous vehicle for their deliveries or rides. The collaboration will begin in Austin with sidewalk delivery robots on Uber Eats, followed by expansions to Dallas and Jersey City.

These strategies position Uber Technologies Inc. (NYSE:UBER) as a strong player in the delivery market, making it an appealing stock option for investors looking to capitalize on the growing demand for delivery services. According to Insider Monkey’s database, 145 hedge funds held stakes in UBER in the second quarter of 2024.