Grab (NASDAQ:GRAB) Price Target Raised to $5.70 at JPMorgan Chase & Co.

Grab (NASDAQ:GRAB) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $5.00 to $5.70 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 19.25% from the stock’s previous close.

A number of other research analysts have also commented on GRAB. Evercore ISI increased their price objective on Grab from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Tuesday. Daiwa Capital Markets initiated coverage on Grab in a report on Wednesday, October 23rd. They issued an “outperform” rating and a $4.60 price target on the stock. Benchmark reiterated a “buy” rating and issued a $6.00 price objective on shares of Grab in a research report on Tuesday. Finally, Jefferies Financial Group reduced their target price on shares of Grab from $5.00 to $4.70 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $5.28.

Grab Price Performance

Shares of Grab stock traded up $0.40 during trading on Tuesday, reaching $4.78. The company’s stock had a trading volume of 45,033,148 shares, compared to its average volume of 23,795,365. Grab has a one year low of $2.90 and a one year high of $4.80. The stock has a 50-day moving average price of $3.78 and a two-hundred day moving average price of $3.58. The company has a current ratio of 3.00, a quick ratio of 2.97 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $18.75 billion, a P/E ratio of -96.00 and a beta of 0.81.

Grab (NASDAQ:GRAB) last announced its earnings results on Thursday, August 15th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Grab had a negative net margin of 8.24% and a negative return on equity of 3.35%. The company had revenue of $664.00 million for the quarter, compared to analyst estimates of $674.17 million. During the same period in the prior year, the business earned ($0.03) earnings per share. Grab’s quarterly revenue was up 17.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Grab will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Grab

Several institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC acquired a new position in Grab in the first quarter valued at about $111,000. Forsta AP Fonden grew its position in shares of Grab by 1.1% in the 1st quarter. Forsta AP Fonden now owns 552,100 shares of the company’s stock valued at $1,734,000 after purchasing an additional 6,100 shares during the period. Sei Investments Co. grew its position in shares of Grab by 107.2% in the 1st quarter. Sei Investments Co. now owns 5,013,111 shares of the company’s stock valued at $15,741,000 after purchasing an additional 2,593,616 shares during the period. Headlands Technologies LLC acquired a new stake in Grab during the 1st quarter worth approximately $236,000. Finally, Russell Investments Group Ltd. lifted its stake in Grab by 6.4% in the first quarter. Russell Investments Group Ltd. now owns 3,393,371 shares of the company’s stock valued at $10,655,000 after buying an additional 205,128 shares in the last quarter. Institutional investors and hedge funds own 55.52% of the company’s stock.

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.