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

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of Grab Holdings Limited (NASDAQ:GRAB) by 22.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 4,573,384 shares of the company’s stock after selling 1,330,070 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Grab were worth $17,379,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Baillie Gifford & Co. acquired a new position in shares of Grab in the 2nd quarter valued at $166,587,000. Point72 Asset Management L.P. purchased a new position in shares of Grab in the second quarter valued at approximately $57,696,000. Coronation Fund Managers Ltd. lifted its position in shares of Grab by 29.7% in the second quarter. Coronation Fund Managers Ltd. now owns 45,452,613 shares of the company’s stock valued at $161,357,000 after acquiring an additional 10,410,574 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Grab by 39.7% in the second quarter. Marshall Wace LLP now owns 30,405,993 shares of the company’s stock valued at $107,941,000 after acquiring an additional 8,635,310 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Grab by 129.4% during the third quarter. Assenagon Asset Management S.A. now owns 8,078,843 shares of the company’s stock worth $30,700,000 after buying an additional 4,557,800 shares in the last quarter. Institutional investors own 55.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GRAB. Benchmark reissued a “buy” rating and set a $6.00 target price on shares of Grab in a research note on Tuesday, November 12th. JPMorgan Chase & Co. lifted their target price on Grab from $5.00 to $5.70 and gave the company an “overweight” rating in a report on Tuesday, November 12th. Evercore ISI lifted their target price on Grab from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Daiwa Capital Markets assumed coverage on Grab in a report on Wednesday, October 23rd. They set an “outperform” rating and a $4.60 price target for the company. Finally, Mizuho lifted their price target on Grab from $5.00 to $6.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grab has a consensus rating of “Buy” and an average price target of $5.48.

Grab Stock Performance

GRAB opened at $4.73 on Monday. Grab Holdings Limited has a twelve month low of $2.90 and a twelve month high of $4.93. The company has a current ratio of 2.70, a quick ratio of 2.97 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’s 50 day moving average is $3.90 and its 200-day moving average is $3.62.

Grab (NASDAQ:GRAB) last posted its quarterly earnings results on Monday, November 11th. The company reported $0.01 earnings per share (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 previous year, the business posted ($0.02) earnings per share. On average, analysts predict that Grab Holdings Limited will post -0.03 earnings per share for the current year.

Grab 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.