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

Grab Holdings Limited (NASDAQ:GRAB) gapped up before the market opened 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.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group decreased their target price on shares of Grab from $5.00 to $4.70 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Daiwa Capital Markets initiated coverage on shares of Grab in a research note on Wednesday, October 23rd. They set an “outperform” rating and a $4.60 target price on the stock. Finally, Benchmark reaffirmed a “buy” rating and set a $6.00 target price on shares of Grab in a research note on Tuesday. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $5.07.

Hedge Funds Weigh In On Grab

Hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. acquired a new position in Grab in the second quarter valued at $166,587,000. Coronation Fund Managers Ltd. lifted its holdings in Grab by 29.7% in the second quarter. Coronation Fund Managers Ltd. now owns 45,452,613 shares of the company’s stock valued at $161,357,000 after buying an additional 10,410,574 shares during the period. Marshall Wace LLP lifted its holdings in Grab by 39.7% in the second quarter. Marshall Wace LLP now owns 30,405,993 shares of the company’s stock valued at $107,941,000 after buying an additional 8,635,310 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Grab by 18.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 20,243,162 shares of the company’s stock valued at $76,924,000 after buying an additional 3,163,309 shares during the period. Finally, Prudential PLC lifted its holdings in Grab by 13.9% in the second 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 during the period. Institutional investors and hedge funds own 55.52% of the company’s stock.

Grab Trading Up 8.0 %

The firm has a market cap of $18.56 billion, a price-to-earnings ratio of -94.60 and a beta of 0.81. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.00 and a quick ratio of 2.97. The firm’s fifty day moving average is $3.78 and its 200-day moving average is $3.58.

Grab (NASDAQ:GRAB) last announced its quarterly earnings data on Thursday, August 15th. The company reported ($0.01) earnings per share for the quarter, meeting 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 for the quarter, compared to analyst estimates of $674.17 million. During the same quarter in the prior year, the business earned ($0.03) earnings per share. The business’s quarterly revenue was up 17.1% compared to the same quarter last year. Equities analysts anticipate that Grab Holdings Limited will post -0.04 earnings per share for the current 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.