Grab (NASDAQ:GRAB) Upgraded at Zacks Research

Zacks Research upgraded shares of Grab (NASDAQ:GRAB) from a hold rating to a strong-buy rating in a report issued on Tuesday morning,Zacks reports.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings cut shares of Grab from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, August 17th. Morgan Stanley restated an “overweight” rating and issued a $6.25 price objective on shares of Grab in a research note on Tuesday, June 30th. KeyCorp set a $7.00 price objective on Grab in a research note on Wednesday, September 16th. Barclays decreased their target price on Grab from $7.00 to $5.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. Finally, Bank of America reiterated a “buy” rating on shares of Grab in a research report on Friday, September 25th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $6.11.

Grab Price Performance

NASDAQ GRAB opened at $3.11 on Tuesday. The company has a 50-day moving average price of $3.34 and a 200-day moving average price of $3.54. Grab has a 52 week low of $2.74 and a 52 week high of $6.40. The company has a quick ratio of 1.51, a current ratio of 1.52 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $12.74 billion, a P/E ratio of 51.84, a PEG ratio of 0.74 and a beta of 0.91.

Grab (NASDAQ:GRAB) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The company had revenue of $997.00 million for the quarter, compared to the consensus estimate of $994.97 million. Grab had a net margin of 15.97% and a return on equity of 8.83%. Equities research analysts anticipate that Grab will post 0.14 earnings per share for the current year.

Insider Transactions at Grab

In related news, CEO Ping Tan bought 10,350,000 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was purchased at an average price of $2.89 per share, for a total transaction of $29,911,500.00. Following the completion of the transaction, the chief executive officer owned 10,778,498 shares in the company, valued at $31,149,859.22. The trade was a 2,415.41% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Peter Henry Oey sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $2.90, for a total transaction of $145,000.00. Following the transaction, the chief financial officer owned 6,803,470 shares of the company’s stock, valued at approximately $19,730,063. This represents a 0.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 819,349 shares of company stock valued at $2,865,355. 3.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GRAB. Assenagon Asset Management S.A. increased its position in Grab by 58.0% in the first quarter. Assenagon Asset Management S.A. now owns 54,906,371 shares of the company’s stock worth $200,957,000 after purchasing an additional 20,152,535 shares during the last quarter. Coronation Fund Managers Ltd. raised its stake in Grab by 74.5% during the first quarter. Coronation Fund Managers Ltd. now owns 32,601,355 shares of the company’s stock valued at $119,321,000 after purchasing an additional 13,919,053 shares in the last quarter. Renaissance Technologies LLC bought a new position in Grab during the first quarter valued at $48,731,000. Bank of America Corp DE lifted its position in Grab by 80.2% during the first quarter. Bank of America Corp DE now owns 23,993,894 shares of the company’s stock valued at $87,818,000 after purchasing an additional 10,681,810 shares during the last quarter. Finally, BlackRock Inc. grew its stake in shares of Grab by 6.4% in the 2nd quarter. BlackRock Inc. now owns 156,175,807 shares of the company’s stock worth $588,783,000 after buying an additional 9,357,389 shares in the last quarter. Institutional investors own 55.52% of the company’s stock.

Grab Company Profile

Grab Holdings Limited is a Singapore-based technology company that operates a superapp serving consumers, drivers, merchants and businesses across Southeast Asia. Its platform connects users with everyday services through a single digital application.

The company’s main businesses include mobility services such as ride-hailing and taxi bookings, food and grocery delivery, and digital payments. Grab also provides financial services, including digital wallets, lending, insurance and other financial products, subject to local regulations.