Connor Clark & Lunn Investment Management Ltd. Buys 3,732,701 Shares of Grab Holdings Limited (NASDAQ:GRAB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Grab Holdings by 49.5%, acquiring an additional 3,732,701 shares for a total of 11,275,716 shares, valued at approximately $51 million.
• Grab Holdings reported earnings of $0.01 per share for the last quarter, meeting expectations, with revenues of $819 million, exceeding the anticipated $809 million.
• JPMorgan Chase & Co. lowered its target price for Grab from $5.60 to $5.30 while maintaining an "overweight" rating, reflecting a consensus rating of "Moderate Buy" among analysts.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Grab Holdings Limited (NASDAQ:GRAB - Free Report) by 49.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,275,716 shares of the company's stock after buying an additional 3,732,701 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.28% of Grab worth $51,079,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Uber Technologies Inc acquired a new stake in shares of Grab during the fourth quarter worth about $2,529,462,000. Toyota Motor Corp acquired a new stake in Grab in the 4th quarter valued at approximately $1,052,117,000. BNP Paribas Financial Markets acquired a new stake in Grab in the 4th quarter valued at approximately $137,561,000. D. E. Shaw & Co. Inc. raised its position in Grab by 176,919.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 19,891,669 shares of the company's stock valued at $93,889,000 after buying an additional 19,880,432 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Grab by 111.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 35,829,032 shares of the company's stock valued at $162,306,000 after buying an additional 18,882,118 shares during the last quarter. 55.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. dropped their target price on Grab from $5.60 to $5.30 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $5.82.

Grab Stock Up 3.5%

Shares of NASDAQ:GRAB traded up $0.17 during trading on Tuesday, hitting $4.99. 23,545,600 shares of the company were exchanged, compared to its average volume of 36,760,391. The stock has a market cap of $20.09 billion, a price-to-earnings ratio of 124.78 and a beta of 0.84. Grab Holdings Limited has a fifty-two week low of $3.08 and a fifty-two week high of $5.72. The firm has a fifty day moving average price of $4.95 and a two-hundred day moving average price of $4.74. The company has a current ratio of 1.88, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04.

Grab (NASDAQ:GRAB - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. The company had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.41 million. Grab had a return on equity of 1.75% and a net margin of 3.65%. As a group, research analysts anticipate that Grab Holdings Limited will post 0.05 earnings per share for the current fiscal year.

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.