8 Hot Growth Stocks To Buy According to Hedge Funds

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

Year-To-Date Gain as of November 6: 25.47%

Number of Hedge Fund Holders: 145

Uber Technologies, Inc. (NYSE:UBER) is a global leader in ride-hailing, food delivery, and freight services, transforming urban transportation by connecting users with drivers via its app since its inception.

Notably, Uber Technologies, Inc. (NYSE:UBER) has announced a partnership with autonomous tech startup Avride to enhance its self-driving capabilities. Uber Eats will deploy Avride’s sidewalk delivery robots in Austin, with plans to expand to Dallas and Jersey City. Additionally, Uber Technologies, Inc. (NYSE:UBER) aims to launch robotaxi services in Dallas next year.

In that same vein, On October 11, Jefferies reiterated its Buy rating and $100 price target for Uber Technologies, Inc. (NYSE:UBER) following Tesla’s unveiling of the Cybercab at its robotaxi event. Tesla plans to implement full self-driving technology in its Model 3 and Model Y by 2025 in California and Texas, with Cybercab production slated for 2027. Analysts view this as a positive development for Uber’s ride-hailing business.