Legal & General Group Plc Lowers Stock Position in Grab Holdings Limited $GRAB

Key Points

• Legal & General Group Plc reduced its stake in Grab by 8.8% in the fourth quarter, selling 1.41 million shares and leaving it with 14.52 million shares valued at about $72.5 million.
• Grab reported quarterly earnings of -$0.01 per share, missing analyst expectations, though revenue of $955 million came in above estimates. The company also posted a 10.67% net margin and 5.79% return on equity.
• Analysts remain broadly positive on the stock despite recent target cuts, with a consensus rating of “Moderate Buy” and an average price target of $6.19, above the recent trading price near $3.54.

Legal & General Group Plc cut its stake in shares of Grab Holdings Limited (NASDAQ:GRAB - Free Report) by 8.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,521,528 shares of the company's stock after selling 1,406,174 shares during the period. Legal & General Group Plc owned 0.36% of Grab worth $72,462,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in GRAB. Assenagon Asset Management S.A. grew its stake in shares of Grab by 173.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 34,753,836 shares of the company's stock valued at $173,422,000 after buying an additional 22,038,961 shares during the period. Citigroup Inc. grew its stake in shares of Grab by 112.6% during the 3rd quarter. Citigroup Inc. now owns 32,398,782 shares of the company's stock valued at $195,041,000 after buying an additional 17,160,661 shares during the period. Invesco Ltd. grew its stake in shares of 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 buying an additional 15,916,063 shares during the period. Two Creeks Capital Management LP purchased a new stake in shares of Grab during the 3rd quarter valued at $58,170,000. Finally, Ameriprise Financial Inc. grew its stake in shares of Grab by 1,908.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,662,747 shares of the company's stock valued at $34,090,000 after buying an additional 5,380,737 shares during the period. 55.52% of the stock is owned by hedge funds and other institutional investors.

Grab Price Performance

Shares of Grab stock opened at $3.54 on Friday. The company has a fifty day moving average price of $3.71 and a 200 day moving average price of $4.36. The company has a current ratio of 1.67, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06. Grab Holdings Limited has a twelve month low of $3.39 and a twelve month high of $6.62. The stock has a market cap of $14.51 billion, a price-to-earnings ratio of 354.35, a price-to-earnings-growth ratio of 1.61 and a beta of 0.93.

Grab (NASDAQ:GRAB - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.03). Grab had a return on equity of 5.79% and a net margin of 10.67%.The business had revenue of $955.00 million for the quarter, compared to analysts' expectations of $921.71 million. Equities research analysts forecast that Grab Holdings Limited will post 0.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GRAB. Mizuho lowered their price objective 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. Morgan Stanley set a $5.90 price target on shares of Grab in a research report on Wednesday, May 6th. China Renaissance raised shares of Grab from a "hold" rating to a "buy" rating and set a $5.00 price target for the company in a research report on Wednesday, May 6th. JPMorgan Chase & Co. decreased their price target on shares of Grab from $5.90 to $5.80 and set an "overweight" rating for the company in a research report on Tuesday, May 5th. Finally, Benchmark reaffirmed a "buy" rating on shares of Grab in a research report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.19.

Insider Activity

In other Grab news, insider Chin Yin Ong sold 48,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $3.55, for a total value of $170,400.00. Following the completion of the transaction, the insider directly owned 3,781,306 shares of the company's stock, valued at $13,423,636.30. This represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Peter Henry Oey sold 50,000 shares of the company's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $3.92, for a total transaction of $196,000.00. Following the completion of the transaction, the chief financial officer directly owned 7,050,165 shares of the company's stock, valued at approximately $27,636,646.80. The trade was a 0.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,118,819 shares of company stock valued at $4,114,677. 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.

Want to see what other hedge funds are holding GRAB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Grab Holdings Limited (NASDAQ:GRAB - Free Report).

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.