The Manufacturers Life Insurance Company Cuts Holdings in Grab Holdings Limited (NASDAQ:GRAB)

The Manufacturers Life Insurance Company cut its holdings in Grab Holdings Limited (NASDAQ:GRAB - Free Report) by 23.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,126,876 shares of the company's stock after selling 1,259,132 shares during the quarter. The Manufacturers Life Insurance Company owned 0.11% of Grab worth $15,682,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Citigroup Inc. raised its stake in Grab by 83.6% during the 3rd quarter. Citigroup Inc. now owns 14,277,673 shares of the company's stock valued at $54,255,000 after buying an additional 6,503,051 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Grab by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,429,899 shares of the company's stock valued at $5,434,000 after buying an additional 48,596 shares during the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in Grab during the 3rd quarter valued at $1,986,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Grab during the 3rd quarter valued at $2,757,000. Finally, Swiss National Bank raised its stake in Grab by 0.9% during the 3rd quarter. Swiss National Bank now owns 6,274,800 shares of the company's stock valued at $23,844,000 after buying an additional 55,100 shares during the last quarter. 55.52% of the stock is owned by institutional investors.

Grab Stock Down 3.5 %

GRAB traded down $0.18 during trading on Monday, hitting $5.00. The stock had a trading volume of 27,784,588 shares, compared to its average volume of 25,873,748. The company has a market capitalization of $20.14 billion, a PE ratio of -250.00 and a beta of 0.81. Grab Holdings Limited has a twelve month low of $2.90 and a twelve month high of $5.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.67 and a current ratio of 2.70. The stock has a 50 day simple moving average of $4.25 and a two-hundred day simple moving average of $3.74.

Grab (NASDAQ:GRAB - Get Free Report) last announced its earnings results on Monday, November 11th. The company reported $0.01 earnings per share for the quarter. The company had revenue of $716.00 million during the quarter, compared to the consensus estimate of $705.40 million. Grab had a negative net margin of 3.57% and a negative return on equity of 1.50%. During the same period last year, the firm earned ($0.02) earnings per share. On average, research analysts predict that Grab Holdings Limited will post -0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GRAB. Evercore ISI upped their price objective on Grab from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 12th. Barclays increased their price target on shares of Grab from $4.70 to $5.50 and gave the company an "overweight" rating in a report on Wednesday, November 13th. Daiwa Capital Markets started coverage on shares of Grab in a report on Wednesday, October 23rd. They issued an "outperform" rating and a $4.60 price target for the company. Mizuho increased their price objective on shares of Grab from $5.00 to $6.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Finally, Benchmark reaffirmed a "buy" rating and set a $6.00 target price on shares of Grab in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $5.42.

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.