Grab (NASDAQ:GRAB) Shares Climb 3.1% – Time to Buy?

Grab Holdings Limited (NASDAQ:GRAB) shares were up 3.1% during mid-day trading on Thursday. The company traded as high as $3.03 and last traded at $3.00. Approximately 56,654,165 shares changed hands during trading, an increase of 7% from the average daily volume of 52,820,195 shares. The stock had previously closed at $2.91.

Analyst Ratings Changes

A number of research firms have commented on GRAB. KeyCorp set a $7.00 price target on shares of Grab in a research note on Wednesday, September 16th. Benchmark reissued a “buy” rating on shares of Grab in a research note on Tuesday, August 4th. Morgan Stanley reissued an “overweight” rating and issued a $6.25 target price on shares of Grab in a research note on Tuesday, June 30th. Bank of America reissued a “buy” rating on shares of Grab in a report on Friday, September 25th. Finally, Zacks Research raised shares of Grab from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 6th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $6.11.

Grab Price Performance

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 business’s 50-day simple moving average is $3.26 and its 200-day simple moving average is $3.51. The stock has a market cap of $12.05 billion, a PE ratio of 49.01, a PEG ratio of 0.53 and a beta of 0.91.

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

Insider Activity

In other news, CEO Ping Tan bought 10,350,000 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was purchased at an average price of $2.89 per share, with a total value of $29,911,500.00. Following the transaction, the chief executive officer owned 10,778,498 shares of the company’s stock, valued at approximately $31,149,859.22. The trade was a 2,415.41% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Peter Henry Oey sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $2.90, for a total value of $145,000.00. Following the transaction, the chief financial officer directly owned 6,803,470 shares of the company’s stock, valued at $19,730,063. This represents a 0.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 worth $2,865,355. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Grab

Hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. increased its stake in Grab by 58.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 54,906,371 shares of the company’s stock valued at $200,957,000 after purchasing an additional 20,152,535 shares in the last quarter. Coronation Fund Managers Ltd. lifted its position in Grab by 74.5% in the 1st quarter. Coronation Fund Managers Ltd. now owns 32,601,355 shares of the company’s stock valued at $119,321,000 after acquiring an additional 13,919,053 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Grab during the 1st quarter valued at $48,731,000. Bank of America Corp DE boosted its stake in Grab by 80.2% during the 1st 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. increased its holdings 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 purchasing an additional 9,357,389 shares in the last quarter. 55.52% of the stock is owned by institutional investors.

About Grab

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.