Grab (NASDAQ:GRAB) Sets New 12-Month High – Here’s What Happened

Grab Holdings Limited (NASDAQ:GRAB) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $4.44 and last traded at $4.34, with a volume of 2155829 shares changing hands. The stock had previously closed at $4.22.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in 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 on the stock in a report on Wednesday, July 17th. Benchmark restated a “buy” rating and issued a $6.00 price objective on shares of Grab in a research report on Wednesday, September 11th. Finally, Daiwa Capital Markets initiated coverage on Grab in a report on Wednesday, October 23rd. They set an “outperform” rating and a $4.60 target price on the stock. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grab has a consensus rating of “Buy” and an average price target of $4.70.

Grab Stock Performance

The stock has a fifty day simple moving average of $3.71 and a 200-day simple moving average of $3.56. The stock has a market cap of $16.95 billion, a P/E ratio of -84.40 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.

Grab (NASDAQ:GRAB) last announced its earnings results on Thursday, August 15th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). Grab had a negative return on equity of 3.35% and a negative net margin of 8.24%. The business had revenue of $664.00 million for the quarter, compared to analyst estimates of $674.17 million. During the same quarter last year, the firm earned ($0.03) EPS. Grab’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, equities analysts expect that Grab Holdings Limited will post -0.04 earnings per share for the current year.

Institutional Trading of Grab

A number of institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. acquired a new stake in Grab in the 2nd quarter valued at $166,587,000. Coronation Fund Managers Ltd. grew 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 valued at $161,357,000 after acquiring an additional 10,410,574 shares in the last quarter. Marshall Wace LLP increased its position in shares of 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 acquiring an additional 8,635,310 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Grab by 18.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 20,243,162 shares of the company’s stock worth $76,924,000 after acquiring an additional 3,163,309 shares in the last quarter. Finally, Prudential PLC boosted its position in Grab by 13.9% during the second quarter. Prudential PLC now owns 20,226,225 shares of the company’s stock valued at $71,803,000 after purchasing an additional 2,461,934 shares during the last quarter. Institutional investors own 55.52% of the company’s stock.

Grab Company 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.