Grab (NASDAQ:GRAB) Cut to Underperform at Bank of America

Bank of America cut shares of Grab (NASDAQ:GRAB) from a buy rating to an underperform rating in a research note released on Friday, Marketbeat Ratings reports. The firm currently has $4.90 price target on the stock.

A number of other research firms have also recently issued reports on GRAB. JPMorgan Chase & Co. upped their price objective on Grab from $5.00 to $5.70 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Barclays boosted their price objective on shares of Grab from $4.70 to $5.50 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. China Renaissance lowered shares of Grab from a “buy” rating to a “hold” rating and set a $5.40 target price on the stock. in a report on Thursday. Daiwa Capital Markets started coverage on shares of Grab in a research note on Wednesday, October 23rd. They issued an “outperform” rating and a $4.60 price target for the company. Finally, Benchmark reaffirmed a “buy” rating and set a $6.00 price objective on shares of Grab in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $5.42.

Grab Stock Performance

NASDAQ:GRAB opened at $5.07 on Friday. The business’s fifty day moving average is $4.09 and its 200 day moving average is $3.68. Grab has a 52-week low of $2.90 and a 52-week high of $5.72. The firm has a market cap of $20.42 billion, a price-to-earnings ratio of -253.50 and a beta of 0.81. 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 (NASDAQ:GRAB) last issued its quarterly earnings results on Monday, November 11th. The company reported $0.01 EPS for the quarter. Grab had a negative net margin of 3.57% and a negative return on equity of 1.50%. The firm had revenue of $716.00 million for the quarter, compared to analyst estimates of $705.40 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. Research analysts predict that Grab will post -0.03 EPS for the current year.

Institutional Investors Weigh In On Grab

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Grab by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 7,505,636 shares of the company’s stock worth $23,568,000 after purchasing an additional 166,063 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Grab by 14.7% during the 1st quarter. Acadian Asset Management LLC now owns 70,088 shares of the company’s stock valued at $219,000 after purchasing an additional 8,970 shares during the period. Pitcairn Co. purchased a new position in shares of Grab during the 1st quarter valued at $57,000. Advisors Asset Management Inc. boosted its holdings in Grab by 32.2% in the 1st quarter. Advisors Asset Management Inc. now owns 29,739 shares of the company’s stock worth $93,000 after buying an additional 7,239 shares during the period. Finally, Toronto Dominion Bank increased its stake in Grab by 3,078.8% in the 1st quarter. Toronto Dominion Bank now owns 3,582,012 shares of the company’s stock worth $11,248,000 after buying an additional 3,469,329 shares in the last quarter. 55.52% of the stock is owned by institutional investors.

Grab Company Profile

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.