Grab (NASDAQ:GRAB) Stock Rating Raised to Strong-Buy at Zacks Research

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

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

Grab Stock Up 0.3%

GRAB opened at $3.08 on Tuesday. 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 cap of $12.62 billion, a P/E ratio of 51.34, a PEG ratio of 0.73 and a beta of 0.91. Grab has a 52 week low of $2.74 and a 52 week high of $6.44. The business’s fifty day simple moving average is $3.34 and its 200 day simple moving average is $3.54.

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

Insider Activity at Grab

In related news, COO Alexander Hungate bought 299,571 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was purchased at an average cost of $2.89 per share, for a total transaction of $865,760.19. Following the completion of the acquisition, the chief operating officer owned 6,411,550 shares in the company, valued at $18,529,379.50. This trade represents a 4.90% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ping Tan purchased 10,350,000 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The shares were bought at an average cost of $2.89 per share, with a total value of $29,911,500.00. Following the transaction, the chief executive officer directly owned 10,778,498 shares of the company’s stock, valued at $31,149,859.22. The trade was a 2,415.41% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have sold 1,219,349 shares of company stock valued at $4,429,355. Insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Grab

A number of hedge funds have recently made changes to their positions in GRAB. Principal Financial Group Inc. raised its position in Grab by 13.4% in the second quarter. Principal Financial Group Inc. now owns 24,289,581 shares of the company’s stock valued at $91,572,000 after purchasing an additional 2,867,458 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in shares of Grab during the second quarter worth about $10,119,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Grab by 17.0% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,041,490 shares of the company’s stock worth $7,696,000 after buying an additional 296,256 shares during the period. Hsbc Holdings PLC boosted its position in shares of Grab by 20.9% in the second quarter. Hsbc Holdings PLC now owns 17,877,290 shares of the company’s stock worth $67,475,000 after buying an additional 3,090,656 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Grab by 16.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 17,687,253 shares of the company’s stock valued at $68,200,000 after buying an additional 2,486,750 shares in the last quarter. Institutional investors and hedge funds own 55.52% of the company’s stock.

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.