Grab (NASDAQ:GRAB) Stock Price Down 3.5% – Here’s What Happened

Grab Holdings Limited (NASDAQ:GRAB)’s share price fell 3.5% during mid-day trading on Friday . The stock traded as low as $4.95 and last traded at $5.00. 12,681,945 shares were traded during mid-day trading, a decline of 51% from the average session volume of 25,794,330 shares. The stock had previously closed at $5.18.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GRAB. JPMorgan Chase & Co. lifted their price objective on Grab from $5.00 to $5.70 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Benchmark reiterated a “buy” rating and set a $6.00 price target on shares of Grab in a research report on Tuesday, November 12th. Mizuho increased their price objective on shares of Grab from $5.00 to $6.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Barclays lifted their target price on shares of Grab from $4.70 to $5.50 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, China Renaissance downgraded Grab from a “buy” rating to a “hold” rating and set a $5.40 price target on the stock. in a research note on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $5.42.

Grab Price Performance

The company has a current ratio of 2.70, a quick ratio of 2.67 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average price of $4.22 and a two-hundred day moving average price of $3.72. The firm has a market cap of $20.22 billion, a P/E ratio of -250.00 and a beta of 0.81.

Grab (NASDAQ:GRAB) last released its quarterly 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 analysts’ expectations 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 quarter in the prior year, the company earned ($0.02) earnings per share. Equities analysts anticipate that Grab Holdings Limited will post -0.03 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. acquired a new position in Grab during the 2nd quarter worth approximately $166,587,000. Point72 Asset Management L.P. bought a new stake in shares of Grab in the second quarter worth $57,696,000. Wellington Management Group LLP boosted its holdings in Grab by 13.4% during the third quarter. Wellington Management Group LLP now owns 124,314,286 shares of the company’s stock worth $472,394,000 after purchasing an additional 14,671,388 shares during the last quarter. Coronation Fund Managers Ltd. grew its position in Grab by 29.7% in the second quarter. Coronation Fund Managers Ltd. now owns 45,452,613 shares of the company’s stock valued at $161,357,000 after purchasing an additional 10,410,574 shares in the last quarter. Finally, Tree Line Advisors Hong Kong Ltd. acquired a new position in shares of Grab during the 3rd quarter worth about $38,000,000. 55.52% of the stock is currently owned by institutional investors.

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.