State of New Jersey Common Pension Fund D Sells 363,260 Shares of Grab Holdings Limited (NASDAQ:GRAB)

State of New Jersey Common Pension Fund D cut its holdings in Grab Holdings Limited (NASDAQ:GRAB) by 32.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 758,740 shares of the company’s stock after selling 363,260 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Grab were worth $2,694,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Baillie Gifford & Co. bought a new stake in Grab during the second quarter valued at about $166,587,000. Coronation Fund Managers Ltd. boosted its holdings in Grab by 29.7% during the second quarter. Coronation Fund Managers Ltd. now owns 45,452,613 shares of the company’s stock valued at $161,357,000 after acquiring an additional 10,410,574 shares during the period. Norges Bank bought a new stake in Grab during the fourth quarter valued at about $146,995,000. Artisan Partners Limited Partnership boosted its holdings in Grab by 11.3% during the fourth quarter. Artisan Partners Limited Partnership now owns 24,894,289 shares of the company’s stock valued at $83,894,000 after acquiring an additional 2,523,484 shares during the period. Finally, Prudential PLC boosted its holdings in Grab by 13.9% during the second quarter. Prudential PLC now owns 20,226,225 shares of the company’s stock valued at $71,803,000 after acquiring an additional 2,461,934 shares during the period. 55.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on GRAB. Mizuho began coverage on shares of Grab in a research report on Thursday, June 27th. They set an “outperform” rating and a $5.00 price objective for the company. Barclays upped their price objective on shares of Grab from $4.30 to $4.70 and gave the company an “overweight” rating in a research report on Wednesday, May 22nd. Benchmark reaffirmed a “buy” rating and set a $6.00 price objective on shares of Grab in a research report on Wednesday, September 11th. Finally, Jefferies Financial Group cut their price objective on shares of Grab from $5.00 to $4.70 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $4.71.

Grab Stock Performance

NASDAQ:GRAB opened at $3.66 on Thursday. Grab Holdings Limited has a 12-month low of $2.90 and a 12-month high of $3.77. The company has a quick ratio of 2.97, a current ratio of 3.00 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $14.36 billion, a PE ratio of -52.29 and a beta of 0.81. The firm has a 50-day moving average price of $3.33 and a 200 day moving average price of $3.40.

Grab (NASDAQ:GRAB) last posted its quarterly earnings results on Thursday, August 15th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). Grab had a negative net margin of 8.24% and a negative return on equity of 3.35%. The firm had revenue of $664.00 million during the quarter, compared to analyst estimates of $674.17 million. During the same quarter in the prior year, the business posted ($0.03) earnings per share. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. Research analysts anticipate that Grab Holdings Limited will post -0.01 earnings per share for the current fiscal year.

Grab Profile

Grab Holdings Limited engages in the provision of superapps in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The company offers its Grab ecosystem, a single platform with superapps for driver- and merchant-partners and consumers, that allows access to mobility, delivery, digital financial services, and enterprise sector offerings.