Sumitomo Mitsui Trust Group Inc. Sells 1,330,070 Shares of Grab Holdings Limited (NASDAQ:GRAB)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Grab Holdings Limited (NASDAQ:GRAB) by 22.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,573,384 shares of the company’s stock after selling 1,330,070 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.12% of Grab worth $17,379,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its holdings in shares of Grab by 18.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 20,243,162 shares of the company’s stock valued at $76,924,000 after acquiring an additional 3,163,309 shares in the last quarter. Cohen Capital Management Inc. bought a new stake in Grab during the third quarter worth $1,723,000. Quadrature Capital Ltd grew its holdings in Grab by 125.0% during the first quarter. Quadrature Capital Ltd now owns 1,062,944 shares of the company’s stock worth $3,348,000 after buying an additional 590,580 shares in the last quarter. Toronto Dominion Bank grew its holdings in Grab by 43.4% during the second quarter. Toronto Dominion Bank now owns 5,137,591 shares of the company’s stock worth $18,238,000 after buying an additional 1,555,579 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in Grab by 17.8% during the second quarter. Public Sector Pension Investment Board now owns 883,205 shares of the company’s stock worth $3,135,000 after buying an additional 133,531 shares in the last quarter. 55.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GRAB. Barclays upped their price target on Grab from $4.70 to $5.50 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Daiwa Capital Markets initiated coverage on Grab in a research report on Wednesday, October 23rd. They issued an “outperform” rating and a $4.60 price objective on the stock. Evercore ISI boosted their price objective on Grab from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Benchmark reissued a “buy” rating and issued a $6.00 price objective on shares of Grab in a research report on Tuesday, November 12th. Finally, Mizuho boosted their price objective on Grab from $5.00 to $6.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $5.48.

Grab Stock Performance

GRAB opened at $4.73 on Monday. Grab Holdings Limited has a 52 week low of $2.90 and a 52 week high of $4.93. The company has a quick ratio of 2.97, a current ratio of 2.70 and a debt-to-equity ratio of 0.04. The stock has a market cap of $18.56 billion, a PE ratio of -236.50 and a beta of 0.81. The business has a 50 day moving average of $3.90 and a 200-day moving average of $3.62.

Grab (NASDAQ:GRAB) last posted its 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 during the quarter, compared to analyst estimates of $705.40 million. During the same quarter last year, the company earned ($0.02) EPS. Equities research analysts predict that Grab Holdings Limited will post -0.03 earnings per share for the current fiscal year.

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.