Uber took a hit as the pandemic kept people at home.
John Taggart/Bloomberg
Uber Technologies shares are getting a boost Tuesday from the disclosure that CEO Dara Khowsrowshahi bought 200,000 shares of the ride-sharing company on Monday.
The purchases came at an average price of $44.92 a share, for a total price of $9 million, according to a filing with the Securities and Exchange Commission. The Uber chief now holds 1,178,00 shares.
Uber (ticker: UBER) didn’t immediately respond to a request for comment on the filing, which didn’t include a reason for the purchase.
According to a report by Reuters, the latest quarterly filings from several activist investment firms disclosed positions in Uber shares. Sachem Head Capital Management increased its holdings in the company in the latest quarter by 230% to 5.1 million shares, while PointState Capital boosted its position by 453% to 3.9 million shares, and Maverick Capital increased its stake by 10% to 2.4 million shares, the news service said.
Uber’s ride-sharing business has been recovering from a deep decline during the pandemic, but the stock has lagged behind the broader market this year. It was down about 15% for the year to date through Monday, compared with a gain of nearly 25% for the S&P 500. The company recently posted its first profitable quarter as measured by adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization.
The stock was up 5.5% to $45.99 on Tuesday morning.
Write to Eric J. Savitz at [email protected]
