Grab (NASDAQ:GRAB) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Grab (NASDAQ:GRAB) issued its quarterly earnings data on Monday. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02), Zacks reports. Grab had a net margin of 3.65% and a return on equity of 1.75%.

Grab Trading Down 6.0%

Shares of Grab stock traded down $0.37 during midday trading on Tuesday, reaching $5.71. The company had a trading volume of 79,275,061 shares, compared to its average volume of 39,797,523. The stock has a fifty day moving average price of $5.80 and a 200 day moving average price of $5.23. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.87. The firm has a market cap of $22.97 billion, a PE ratio of 141.91 and a beta of 0.88. Grab has a fifty-two week low of $3.36 and a fifty-two week high of $6.62.

Hedge Funds Weigh In On Grab

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in Grab by 28.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 22,546,843 shares of the company’s stock worth $113,411,000 after purchasing an additional 5,021,836 shares in the last quarter. Man Group plc lifted its holdings in Grab by 64.8% during the 2nd quarter. Man Group plc now owns 8,654,877 shares of the company’s stock worth $43,534,000 after purchasing an additional 3,403,381 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Grab by 79.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 3,142,737 shares of the company’s stock worth $15,808,000 after purchasing an additional 1,394,500 shares in the last quarter. Moore Capital Management LP purchased a new stake in Grab during the 2nd quarter worth about $6,747,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Grab by 131.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,306,171 shares of the company’s stock worth $11,600,000 after purchasing an additional 1,310,450 shares in the last quarter. 55.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on GRAB shares. Weiss Ratings restated a “hold (c-)” rating on shares of Grab in a research report on Wednesday, October 8th. HSBC restated a “hold” rating and issued a $6.20 price target on shares of Grab in a research note on Wednesday, September 17th. Benchmark lifted their target price on Grab from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Tuesday. Hsbc Global Res cut Grab from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 17th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $7.00 target price on shares of Grab in a research report on Tuesday. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $6.28.

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.