Assenagon Asset Management S.A. Sells 11,684,951 Shares of Grab Holdings Limited $GRAB

Key Points

• Assenagon Asset Management cut its Grab stake by 21.3%, selling 11.68 million shares and retaining 43.22 million shares valued at approximately $162.9 million.
• Despite Assenagon’s reduction, institutional investors own 55.52% of Grab, while analysts maintain a generally positive outlook with a “Moderate Buy” consensus and an average price target of $6.01.
• Grab’s latest quarterly results exceeded expectations, with adjusted EPS of $0.06 versus $0.05 expected and revenue of $997 million; shares opened at $3.67, near the lower end of their 12-month range.

Assenagon Asset Management S.A. lessened its holdings in shares of Grab Holdings Limited (NASDAQ:GRAB - Free Report) by 21.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,221,420 shares of the company's stock after selling 11,684,951 shares during the quarter. Assenagon Asset Management S.A. owned about 1.05% of Grab worth $162,945,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Norges Bank bought a new position in Grab in the 4th quarter worth approximately $161,484,000. PointState Capital LP boosted its position in shares of Grab by 411.1% during the fourth quarter. PointState Capital LP now owns 32,555,483 shares of the company's stock worth $162,452,000 after acquiring an additional 26,186,329 shares during the last quarter. Marshall Wace LLP grew its stake in Grab by 49.2% during the fourth quarter. Marshall Wace LLP now owns 72,453,397 shares of the company's stock valued at $361,542,000 after acquiring an additional 23,891,108 shares in the last quarter. Invesco Ltd. grew its stake in Grab by 24.9% during the third quarter. Invesco Ltd. now owns 79,797,848 shares of the company's stock valued at $480,383,000 after acquiring an additional 15,916,063 shares in the last quarter. Finally, Coronation Fund Managers Ltd. increased its holdings in Grab by 74.5% in the 1st quarter. Coronation Fund Managers Ltd. now owns 32,601,355 shares of the company's stock valued at $119,321,000 after acquiring an additional 13,919,053 shares during the last quarter. 55.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on GRAB. Zacks Research upgraded shares of Grab from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. decreased their target price on Grab from $5.90 to $5.80 and set an "overweight" rating on the stock in a research report on Tuesday, May 5th. China Renaissance upgraded Grab from a "hold" rating to a "buy" rating and set a $5.00 price target for the company in a report on Wednesday, May 6th. Barclays decreased their price objective on Grab from $7.00 to $5.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. Finally, Benchmark reiterated a "buy" rating on shares of Grab in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $6.01.

Insider Buying and Selling

In other Grab news, CFO Peter Henry Oey sold 50,000 shares of Grab stock in a transaction on Monday, June 15th. The shares were sold at an average price of $3.53, for a total transaction of $176,500.00. Following the completion of the transaction, the chief financial officer directly owned 6,950,165 shares of the company's stock, valued at $24,534,082.45. The trade was a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Alexander Charles Hungate sold 144,093 shares of the business's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $3.45, for a total transaction of $497,120.85. Following the transaction, the chief operating officer owned 6,254,023 shares in the company, valued at $21,576,379.35. This trade represents a 2.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,666,093 shares of company stock worth $6,084,081. 3.60% of the stock is owned by company insiders.

Grab Stock Down 1.9%

Shares of NASDAQ:GRAB opened at $3.67 on Friday. The company has a market cap of $15.04 billion, a price-to-earnings ratio of 61.18, a PEG ratio of 1.04 and a beta of 0.89. Grab Holdings Limited has a 12 month low of $3.18 and a 12 month high of $6.62. The company has a current ratio of 1.52, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $3.58 and a 200 day moving average price of $3.82.

Grab (NASDAQ:GRAB - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. The business had revenue of $997.00 million for the quarter, compared to the consensus estimate of $994.97 million. Grab had a return on equity of 8.83% and a net margin of 15.97%. As a group, equities research analysts predict that Grab Holdings Limited will post 0.12 earnings per share for the current year.

Grab Company Profile

Grab Holdings Inc is a Singapore-based technology company that operates a consumer-facing "super app" across Southeast Asia offering services spanning ride-hailing, food and package delivery, and digital payments. Its platform connects consumers, drivers, merchants and delivery partners through mobile applications and supports on-demand mobility (taxi and private car), last-mile logistics, and on-demand food delivery under brands such as GrabFood and GrabExpress. The company has also developed a merchant-facing ecosystem that supports ordering, payment acceptance and loyalty functions.

Beyond transportation and delivery, Grab has expanded into financial services through Grab Financial Group, which provides digital payments via GrabPay, consumer lending, insurance distribution and small-business financial solutions.

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