Grab (NASDAQ:GRAB) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Key Points

• JPMorgan cut Grab’s price target from $5.90 to $4.80 while maintaining an “overweight” rating, implying approximately 74.9% upside from the prior close.
• Grab shares rose 0.9% to $2.75, near their 12-month low of $2.67. The company recently beat quarterly earnings and revenue estimates, reporting EPS of $0.06 versus a $0.05 consensus.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and average target of $5.91, although Barclays also lowered its target and Weiss Ratings downgraded the stock to “sell.”

Grab (NASDAQ:GRAB - Get Free Report) had its target price reduced by equities research analysts at JPMorgan Chase & Co. from $5.90 to $4.80 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 74.86% from the stock's previous close.

A number of other equities analysts also recently issued reports on the stock. Bank of America reiterated a "buy" rating on shares of Grab in a research note on Friday, September 25th. Barclays lowered their target price on Grab from $5.00 to $4.00 and set an "overweight" rating for the company in a report on Monday, October 19th. Benchmark reiterated a "buy" rating on shares of Grab in a report on Tuesday, August 4th. KeyCorp set a $7.00 price target on Grab in a research report on Wednesday, September 16th. Finally, Weiss Ratings cut Grab from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Grab currently has a consensus rating of "Buy" and an average target price of $5.91.

Grab Stock Up 0.9%

Grab stock traded up $0.03 during midday trading on Wednesday, hitting $2.75. 38,686,076 shares of the company's stock were exchanged, compared to its average volume of 52,701,652. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.51 and a current ratio of 1.52. Grab has a 12 month low of $2.67 and a 12 month high of $6.24. The firm has a 50-day moving average of $3.15 and a two-hundred day moving average of $3.67. The company has a market cap of $11.25 billion, a PE ratio of 45.79, a P/E/G ratio of 0.49 and a beta of 0.91.

Grab (NASDAQ:GRAB - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. Grab had a net margin of 15.97% and a return on equity of 8.83%. The business had revenue of $997.00 million for the quarter, compared to the consensus estimate of $994.97 million. As a group, analysts expect that Grab will post 0.14 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Chin Ong sold 38,000 shares of the stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $3.09, for a total transaction of $117,420.00. Following the completion of the sale, the insider owned 3,594,611 shares of the company's stock, valued at $11,107,347.99. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Alexander Hungate bought 299,571 shares of the stock in a transaction on Monday, September 21st. The stock was purchased at an average price of $2.89 per share, with a total value of $865,760.19. Following the completion of the purchase, the chief operating officer owned 6,411,550 shares of the company's stock, valued at $18,529,379.50. This represents a 4.90% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 899,349 shares of company stock worth $3,104,355. Insiders own 3.60% of the company's stock.

Institutional Trading of Grab

Several hedge funds and other institutional investors have recently made changes to their positions in GRAB. BlackRock Inc. raised its stake in Grab by 6.4% in the second quarter. BlackRock Inc. now owns 156,175,807 shares of the company's stock valued at $588,783,000 after buying an additional 9,357,389 shares during the last quarter. Coronation Fund Managers Ltd. lifted its stake in shares of Grab by 74.5% during the first quarter. Coronation Fund Managers Ltd. now owns 32,601,355 shares of the company's stock worth $119,321,000 after buying an additional 13,919,053 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Grab by 13.4% during the second quarter. Principal Financial Group Inc. now owns 24,289,581 shares of the company's stock worth $91,572,000 after buying an additional 2,867,458 shares during the period. Bank of America Corp DE grew its holdings in shares of Grab by 80.2% during the first quarter. Bank of America Corp DE now owns 23,993,894 shares of the company's stock valued at $87,818,000 after buying an additional 10,681,810 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Grab by 16.4% during 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 during the last quarter. Hedge funds and other institutional investors own 55.52% of the company's stock.

Grab Company Profile

Grab Holdings Inc NASDAQ: GRAB is a technology company that operates a superapp serving consumers, drivers, merchants and businesses across Southeast Asia. The company began as a ride-hailing service in Malaysia in 2012 and is headquartered in Singapore.

Grab's platform provides mobility services, including ride-hailing, taxi bookings and other transportation options. It also offers food, grocery and package deliveries, connecting users with restaurants, retailers and delivery partners through its digital marketplace.

In addition, Grab provides digital financial services in selected markets, including payments, consumer and merchant lending, digital banking and insurance-related products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.