Shares of Grab Holdings Limited (NASDAQ:GRAB – Get Free Report) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $3.34, but opened at $3.49. Grab shares last traded at $3.61, with a volume of 7,182,374 shares.
The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $567.00 million during the quarter, compared to analyst estimates of $549.33 million. Grab had a negative return on equity of 22.08% and a negative net margin of 86.94%. Grab’s revenue was up 76.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.15) earnings per share.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on the company. JPMorgan Chase & Co. upgraded Grab from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $2.55 to $3.10 in a research note on Wednesday, June 21st. HSBC increased their target price on Grab from $4.03 to $4.20 in a report on Friday, May 19th. Benchmark raised their price target on Grab from $4.00 to $6.00 and gave the company a “buy” rating in a report on Thursday. Barclays upgraded Grab from an “equal weight” rating to an “overweight” rating and set a $4.50 target price on the stock in a report on Thursday. Finally, Evercore ISI raised their target price on Grab from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Thursday. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4.69.
Hedge Funds Weigh In On Grab
Institutional investors have recently modified their holdings of the business. Edmond DE Rothschild Holding S.A. acquired a new position in Grab in the 4th quarter worth about $25,000. Arena Capital Advisors LLC CA acquired a new position in Grab in the 1st quarter worth about $35,000. Commerce Bank acquired a new position in Grab in the 1st quarter worth about $31,000. Stifel Financial Corp acquired a new position in Grab in the 1st quarter worth about $33,000. Finally, Achmea Investment Management B.V. increased its holdings in Grab by 100.0% in the 4th quarter. Achmea Investment Management B.V. now owns 11,176 shares of the company’s stock worth $34,000 after purchasing an additional 5,588 shares in the last quarter. Institutional investors and hedge funds own 52.09% of the company’s stock.
Grab Trading Down 1.1 %
The business has a fifty day simple moving average of $3.49 and a 200-day simple moving average of $3.24. The firm has a market cap of $13.71 billion, a price-to-earnings ratio of -9.38 and a beta of 0.92. The company has a debt-to-equity ratio of 0.10, a quick ratio of 5.34 and a current ratio of 5.39.
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.
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