Grab Holdings Limited (NASDAQ:GRAB) Sees Significant Decline in Short Interest

Grab Holdings Limited (NASDAQ:GRAB - Get Free Report) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 57,940,000 shares, a decline of 6.7% from the October 15th total of 62,130,000 shares. Currently, 2.5% of the company's shares are short sold. Based on an average daily trading volume, of 27,780,000 shares, the days-to-cover ratio is currently 2.1 days.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its position in 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 purchasing an additional 3,163,309 shares during the period. Cohen Capital Management Inc. purchased a new stake in Grab during the third quarter valued at $1,723,000. Quadrature Capital Ltd lifted its holdings in Grab by 125.0% in the first quarter. Quadrature Capital Ltd now owns 1,062,944 shares of the company's stock valued at $3,348,000 after acquiring an additional 590,580 shares during the period. Toronto Dominion Bank boosted its position in Grab by 43.4% in the second quarter. Toronto Dominion Bank now owns 5,137,591 shares of the company's stock worth $18,238,000 after purchasing an additional 1,555,579 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its stake in shares of Grab by 17.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 883,205 shares of the company's stock valued at $3,135,000 after purchasing an additional 133,531 shares during the period. 55.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Daiwa Capital Markets began coverage on Grab in a research report on Wednesday, October 23rd. They issued an "outperform" rating and a $4.60 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Grab from $5.00 to $5.70 and gave the stock an "overweight" rating in a research note on Tuesday, November 12th. Barclays boosted their price objective on shares of Grab from $4.70 to $5.50 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Evercore ISI raised their target price on shares of Grab from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Tuesday, November 12th. Finally, Benchmark reissued a "buy" rating and issued a $6.00 price target on shares of Grab in a research report on Tuesday, November 12th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $5.48.

Grab Stock Up 5.5 %

NASDAQ GRAB traded up $0.26 during mid-day trading on Monday, reaching $4.99. The stock had a trading volume of 59,096,918 shares, compared to its average volume of 24,902,775. The company has a fifty day moving average price of $3.90 and a 200 day moving average price of $3.62. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.70 and a quick ratio of 2.97. Grab has a 1 year low of $2.90 and a 1 year high of $4.99. The stock has a market cap of $19.58 billion, a PE ratio of -236.50 and a beta of 0.81.

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