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Saudi Wealth Fund Governor Buys Uber (NYSE:UBER) Stock Worth $5M
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Saudi Wealth Fund Governor Buys Uber (NYSE:UBER) Stock Worth $5M

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One of Uber’s corporate insiders purchased shares worth $5.14 million. Generally, tracking insiders’ transactions may provide useful insights to retail investors.

Ride-hailing company Uber Technologies (NYSE:UBER) recently disclosed that Yasir bin Othman Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, bought 250,000 shares of the company at an average price of $20.58 per share. The total value of the investment is $5.14 million.

It is worth mentioning that Al-Rumayyan is one of the company’s Directors. With this latest investment, the total value of UBER stock in Al-Rumayyan’s portfolio currently stands at $11.8 million.

Overall, corporate insiders have bought UBER shares worth $1.7 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in Uber stock is currently Neutral.

Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.

What is UBER Stock Prediction?

On TipRanks, UBER stock commands a Strong Buy consensus rating based on 12 unanimous Buys. The average stock price target of $45.36 implies 53.09% upside potential.

Supporting the insiders’ bullish stance, hedge funds have also increased their holdings of the stock. In the last quarter, hedge funds bought 2.7M shares of Uber. Further, the stock’s beta of 0.7 indicates low exposure to the current market volatility.

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