Econ Financial Services Corp reported a new position in Uber Technologies during the third quarter, acquiring 15,700 shares at a total cost of approximately $1.54 million, according to its latest SEC filing. This marks the fund’s first disclosed investment in the company, reflecting growing confidence in Uber’s ability to sustain its recent profitability momentum and expand its mobility and delivery platforms.

Several high-profile institutions also boosted their Uber holdings in recent quarters. Pershing Square Capital Management initiated a stake valued at roughly $2.21 billion in Q1, while Norges Bank added a position worth $2.35 billion in Q2. Kingstone Capital Partners Texas dramatically increased its exposure by over 334,000%, ending Q2 with nearly 20 million shares. Meanwhile, Pacer Advisors expanded its position by 1,905% and Vanguard Group lifted its stake by 1.6%, bringing its total to more than 189 million shares. Collectively, institutional investors now control over 80% of the company’s stock.

Company insiders have reduced their holdings modestly over the past three months. General Counsel Tony West sold 3,125 shares and CFO Prashanth Mahendra-Rajah sold 5,500 shares, representing 1.75% and 21.3% declines in their individual stakes, respectively. Insider transactions in the last ninety days total 14,875 shares disposed, with insiders retaining a combined 3.84% ownership of the firm’s equity.

Uber reported third-quarter earnings per share of $3.11, surpassing consensus estimates by $2.44, on revenue of $13.47 billion, up 20.4% year-over-year. The company achieved a net margin of 33.5% and a return on equity of 68.2%. Following these results, two analysts upgraded to Strong Buy, thirty to Buy and eight maintained Hold ratings. The consensus target for forward earnings per share stands at 2.54, and the average analyst price objective is $108.82, reflecting optimism about Uber’s continued margin expansion and growth in delivery and freight segments.