Grab (NASDAQ:GRAB) Shares Gap Up Following Analyst Upgrade

Grab Holdings Limited (NASDAQ:GRAB)’s share price gapped up prior to trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $5.00 to $5.70. The stock had previously closed at $4.38, but opened at $4.72. JPMorgan Chase & Co. currently has an overweight rating on the stock. Grab shares last traded at $4.72, with a volume of 23,933,684 shares traded.

A number of other equities research analysts have also commented on GRAB. Benchmark reiterated a “buy” rating and set a $6.00 price target on shares of Grab in a report on Tuesday. Evercore ISI increased their target price on shares of Grab from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Tuesday. Daiwa Capital Markets assumed coverage on Grab in a report on Wednesday, October 23rd. They set an “outperform” rating and a $4.60 price target on the stock. Finally, Jefferies Financial Group dropped their price objective on Grab from $5.00 to $4.70 and set a “buy” rating for the company in a report on Wednesday, July 17th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Grab has an average rating of “Buy” and a consensus price target of $5.28.

Hedge Funds Weigh In On Grab

Several institutional investors and hedge funds have recently added to or reduced their stakes in GRAB. Baillie Gifford & Co. purchased a new position in Grab during the 2nd quarter valued at about $166,587,000. Coronation Fund Managers Ltd. boosted its position in shares of Grab by 29.7% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 45,452,613 shares of the company’s stock worth $161,357,000 after purchasing an additional 10,410,574 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Grab by 39.7% in the 2nd quarter. Marshall Wace LLP now owns 30,405,993 shares of the company’s stock worth $107,941,000 after buying an additional 8,635,310 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Grab by 18.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 20,243,162 shares of the company’s stock worth $76,924,000 after buying an additional 3,163,309 shares during the last quarter. Finally, Prudential PLC increased its position in Grab by 13.9% during the 2nd quarter. Prudential PLC now owns 20,226,225 shares of the company’s stock valued at $71,803,000 after buying an additional 2,461,934 shares in the last quarter. Hedge funds and other institutional investors own 55.52% of the company’s stock.

Grab Stock Up 11.6 %

The firm has a market cap of $19.18 billion, a PE ratio of -97.80 and a beta of 0.81. The stock has a 50 day simple moving average of $3.81 and a 200-day simple moving average of $3.59. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.00 and a quick ratio of 2.97.

Grab (NASDAQ:GRAB) last announced its quarterly earnings results on Monday, November 11th. The company reported $0.01 earnings per share (EPS) for the quarter. The company had revenue of $716.00 million for the quarter, compared to analysts’ expectations of $705.40 million. Grab had a negative net margin of 8.24% and a negative return on equity of 3.35%. During the same quarter in the previous year, the business posted ($0.02) EPS. Sell-side analysts predict that Grab Holdings Limited will post -0.04 EPS for the current fiscal year.

Grab Company 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.