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

Grab Holdings Limited (NASDAQ:GRAB - Get Free Report) gapped up before the market opened 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 trading hands.

A number of other brokerages have also recently issued reports on GRAB. Daiwa Capital Markets began coverage on shares of Grab in a research note on Wednesday, October 23rd. They issued an "outperform" rating and a $4.60 price objective for the company. Benchmark reissued a "buy" rating and set a $6.00 target price on shares of Grab in a research report on Tuesday. Jefferies Financial Group lowered 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. Finally, Evercore ISI lifted their price objective on shares of Grab from $7.00 to $8.00 and gave the company an "outperform" rating 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 $5.28.

Hedge Funds Weigh In On Grab

Several institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. acquired a new stake in Grab in the second quarter valued at about $166,587,000. Point72 Asset Management L.P. bought a new stake in Grab in the second quarter worth approximately $57,696,000. Coronation Fund Managers Ltd. lifted its holdings 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 lifted its holdings 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 purchasing an additional 8,635,310 shares in the last quarter. Finally, Citigroup Inc. lifted 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 acquiring an additional 6,503,051 shares in the last quarter. 55.52% of the stock is currently owned by institutional investors and hedge funds.

Grab Trading Up 11.6 %

The firm has a market capitalization of $19.18 billion, a P/E ratio of -96.00 and a beta of 0.81. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.97 and a current ratio of 3.00. The firm has a 50 day simple moving average of $3.78 and a two-hundred day simple moving average of $3.58.

Grab (NASDAQ:GRAB - Get Free Report) last posted its earnings results on Thursday, August 15th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $664.00 million for the quarter, compared to analysts' expectations of $674.17 million. Grab had a negative return on equity of 3.35% and a negative net margin of 8.24%. The business's revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.03) earnings per share. Equities research analysts forecast 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.