Grab Holdings Limited $GRAB Shares Sold by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC reduced its stake in Grab by 14.2% in the fourth quarter, selling 1,072,141 shares and leaving it with 6,455,148 shares worth about $32.2 million.
• Institutional ownership remains high, with hedge funds and other institutional investors holding about 55.52% of Grab’s stock. Several firms, including Invesco and Marshall Wace, increased their positions during the period.
• Grab’s recent results and outlook were mixed: the company missed EPS estimates in its latest quarter but beat revenue expectations, and analysts still rate the stock a “Moderate Buy” with a consensus price target of $6.23.

Hsbc Holdings PLC lessened its stake in Grab Holdings Limited (NASDAQ:GRAB - Free Report) by 14.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,455,148 shares of the company's stock after selling 1,072,141 shares during the quarter. Hsbc Holdings PLC owned about 0.16% of Grab worth $32,218,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Invesco Ltd. grew its holdings in Grab by 24.9% during the 3rd quarter. Invesco Ltd. now owns 79,797,848 shares of the company's stock valued at $480,383,000 after purchasing an additional 15,916,063 shares in the last quarter. Marshall Wace LLP boosted its position in Grab by 49.2% in the 4th quarter. Marshall Wace LLP now owns 72,453,397 shares of the company's stock valued at $361,542,000 after buying an additional 23,891,108 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Grab by 1.6% during the fourth quarter. JPMorgan Chase & Co. now owns 56,669,014 shares of the company's stock valued at $282,778,000 after acquiring an additional 878,966 shares in the last quarter. State Street Corp increased its position in shares of Grab by 5.7% during the fourth quarter. State Street Corp now owns 45,938,139 shares of the company's stock worth $229,231,000 after acquiring an additional 2,466,572 shares during the last quarter. Finally, WFM ASIA BVI Ltd increased its position in shares of Grab by 12.5% during the fourth quarter. WFM ASIA BVI Ltd now owns 37,675,992 shares of the company's stock worth $188,003,000 after acquiring an additional 4,194,477 shares during the last quarter. Hedge funds and other institutional investors own 55.52% of the company's stock.

Grab Price Performance

GRAB opened at $3.89 on Tuesday. The company has a quick ratio of 1.65, a current ratio of 1.67 and a debt-to-equity ratio of 0.06. The company's 50-day moving average price is $3.59 and its 200 day moving average price is $4.03. Grab Holdings Limited has a fifty-two week low of $3.18 and a fifty-two week high of $6.62. The firm has a market cap of $15.94 billion, a price-to-earnings ratio of 389.49, a price-to-earnings-growth ratio of 1.54 and a beta of 0.87.

Grab (NASDAQ:GRAB - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.03). The company had revenue of $955.00 million for the quarter, compared to the consensus estimate of $921.71 million. Grab had a net margin of 10.67% and a return on equity of 5.79%. As a group, sell-side analysts expect that Grab Holdings Limited will post 0.1 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GRAB. China Renaissance raised 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. Weiss Ratings upgraded Grab from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. reduced their target price on Grab from $5.90 to $5.80 and set an "overweight" rating for the company in a research note on Tuesday, May 5th. Mizuho dropped their price target on shares of Grab from $7.00 to $6.00 and set an "outperform" rating for the company in a research note on Tuesday, May 5th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $6.25 price objective on shares of Grab in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Grab currently has an average rating of "Moderate Buy" and a consensus target price of $6.23.

Insider Buying and Selling

In other Grab news, CFO Peter Henry Oey sold 50,000 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $3.92, for a total value of $196,000.00. Following the sale, the chief financial officer directly owned 7,050,165 shares of the company's stock, valued at $27,636,646.80. This trade represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Alexander Charles Hungate sold 144,093 shares of the firm's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $3.45, for a total value of $497,120.85. Following the completion of the sale, the chief operating officer owned 6,254,023 shares in the company, valued at $21,576,379.35. The trade was a 2.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,766,093 shares of company stock valued at $6,384,921 in the last 90 days. Corporate insiders own 3.60% of the company's stock.

About Grab

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.

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.