Grab (NASDAQ:GRAB) Cut to “Hold” at China Renaissance

China Renaissance downgraded shares of Grab (NASDAQ:GRAB) from a buy rating to a hold rating in a report published on Thursday morning, Marketbeat Ratings reports. They currently have $5.40 price objective on the stock.

Several other brokerages have also recently issued reports on GRAB. Benchmark restated a “buy” rating and set a $6.00 price objective on shares of Grab in a research note on Tuesday, November 12th. Evercore ISI upped their price objective on Grab from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. upped their price objective on Grab from $5.00 to $5.70 and gave the company an “overweight” rating in a research note on Tuesday, November 12th. Barclays upped their price objective on Grab from $4.70 to $5.50 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Mizuho upped their price objective on Grab from $5.00 to $6.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Grab has an average rating of “Moderate Buy” and a consensus target price of $5.42.

Grab Trading Down 7.4 %

NASDAQ:GRAB opened at $5.25 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.67 and a current ratio of 2.70. Grab has a one year low of $2.90 and a one year high of $5.72. The business’s 50-day simple moving average is $4.06 and its 200 day simple moving average is $3.67. The stock has a market cap of $20.60 billion, a price-to-earnings ratio of -283.46 and a beta of 0.81.

Grab (NASDAQ:GRAB) last released its quarterly earnings results on Monday, November 11th. The company reported $0.01 EPS for the quarter. Grab had a negative return on equity of 1.50% and a negative net margin of 3.57%. The business had revenue of $716.00 million for the quarter, compared to analysts’ expectations of $705.40 million. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. As a group, sell-side analysts predict that Grab will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Grab

Several institutional investors have recently made changes to their positions in GRAB. Wellington Management Group LLP grew its holdings in Grab by 13.4% in the 3rd quarter. Wellington Management Group LLP now owns 124,314,286 shares of the company’s stock worth $472,394,000 after buying an additional 14,671,388 shares in the last quarter. Baillie Gifford & Co. bought a new position in Grab in the 2nd quarter worth approximately $166,587,000. Coronation Fund Managers Ltd. grew its holdings in Grab by 29.7% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 45,452,613 shares of the company’s stock worth $161,357,000 after buying an additional 10,410,574 shares in the last quarter. State Street Corp grew its holdings in Grab by 2.3% in the 3rd quarter. State Street Corp now owns 43,570,388 shares of the company’s stock worth $165,567,000 after buying an additional 967,233 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in Grab by 39.7% in the 2nd quarter. Marshall Wace LLP now owns 30,405,993 shares of the company’s stock worth $107,941,000 after buying an additional 8,635,310 shares in the last quarter. 55.52% of the stock is 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.