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

Grab Holdings Limited (NASDAQ:GRAB) gapped up prior to trading on Tuesday after Evercore ISI raised their price target on the stock from $7.00 to $8.00. The stock had previously closed at $4.38, but opened at $4.72. Evercore ISI currently has an outperform rating on the stock. Grab shares last traded at $4.72, with a volume of 23,933,684 shares changing hands.

Several other equities research analysts also recently issued reports on the stock. Jefferies Financial Group cut their target price on shares of Grab from $5.00 to $4.70 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Daiwa Capital Markets assumed coverage on shares of Grab in a research note on Wednesday, October 23rd. They issued an “outperform” rating and a $4.60 target price for the company. Finally, Benchmark reiterated a “buy” rating and issued a $6.00 target price on shares of Grab in a research note on Tuesday. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $5.07.

Institutional Investors Weigh In On Grab

A number of hedge funds and other institutional investors have recently made changes to their positions in GRAB. Empowered Funds LLC acquired a new stake in shares of Grab in the first quarter valued at approximately $111,000. Forsta AP Fonden increased its stake in Grab by 1.1% in the first quarter. Forsta AP Fonden now owns 552,100 shares of the company’s stock valued at $1,734,000 after acquiring an additional 6,100 shares during the last quarter. Sei Investments Co. increased its stake in Grab by 107.2% in the first quarter. Sei Investments Co. now owns 5,013,111 shares of the company’s stock valued at $15,741,000 after acquiring an additional 2,593,616 shares during the last quarter. Headlands Technologies LLC bought a new position in Grab in the first quarter valued at approximately $236,000. Finally, Russell Investments Group Ltd. increased its stake in Grab by 6.4% in the first quarter. Russell Investments Group Ltd. now owns 3,393,371 shares of the company’s stock valued at $10,655,000 after acquiring an additional 205,128 shares during the last quarter. 55.52% of the stock is currently owned by institutional investors and hedge funds.

Grab Price Performance

The business’s 50 day moving average is $3.78 and its 200-day moving average is $3.58. The firm has a market capitalization of $18.56 billion, a P/E ratio of -94.60 and a beta of 0.81. The company has a quick ratio of 2.97, a current ratio of 3.00 and a debt-to-equity ratio of 0.03.

Grab (NASDAQ:GRAB) last announced its quarterly earnings data on Thursday, August 15th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $664.00 million for the quarter, compared to analysts’ expectations of $674.17 million. Grab had a negative net margin of 8.24% and a negative return on equity of 3.35%. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) earnings per share. As a group, sell-side analysts predict that Grab Holdings Limited will post -0.04 EPS for the current fiscal year.

About Grab

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.