Four assets managers have marked down their valuations for Uber by as much as 15% following a string of scandals at the ride-hailing app, according to reports.
Vanguard, Principal Funds and Hartford Funds have all cut their valuations of the firm’s share by 15% to $41.46 for the quarter to the end June, according to the Wall Street Journal, which cited regulatory filings.
T. Rowe Price has cut its price for the shares by 12% to $42.70, while Fidelity Investments has held its estimate at $48.77, the same level as last year.
BlackRock bucked the trend by raising its estimated valuation, over the last two quarters, by around 10% to $53.88.
The taxi firm has had a torrid 2017. It is currently searching for a new chief executive after Travis Kalanick was ousted by investors in June.
In August one of the firm’s biggest backers, Benchmark Capital, sued Kalanick over alleged fraud, charges he denies.
This is the latest lawsuit to hit the company, which is also facing legal action from Google parent Alphabet and continued allegations about its culture, focusing on sexism and bullying.
While Uber shares do not trade publicly, mutual fund firms that hold them must estimate their value on a quarterly basis. This is done by special committees rather than the portfolio managers who have made the decision to invest in the firm.
According to the Wall Street Journal seven mutual fund companies own shares in Uber, several having first bought in a funding round in 2015 when shares were valued at $15.51. The firm last raised funds in the fourth quarter of 2015 with a share price of $48.77.