Grab (NASDAQ:GRAB) Downgraded to Sell at Zacks Investment Research

Grab (NASDAQ:GRABGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “Grab Holdings Limited offer superapp in each of food deliveries, mobility and the e-wallets segment of financial services. It operates principally in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Grab Holdings Limited, formerly known as Altimeter Growth Corp., is based in MENLO PARK, Calif. “

A number of other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Grab from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $12.50 to $5.70 in a report on Thursday, February 24th. HSBC cut their target price on shares of Grab from $7.50 to $4.75 and set a “buy” rating on the stock in a report on Monday, May 23rd. Sanford C. Bernstein raised shares of Grab from a “market perform” rating to an “outperform” rating and set a $3.04 target price on the stock in a report on Tuesday. CLSA started coverage on shares of Grab in a report on Monday, February 21st. They issued a “sell” rating and a $4.76 target price on the stock. Finally, Bank of America started coverage on shares of Grab in a report on Tuesday, March 15th. They issued a “neutral” rating and a $3.60 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $6.52.

NASDAQ:GRAB traded up $0.02 during mid-day trading on Thursday, reaching $2.63. The stock had a trading volume of 24,140,342 shares, compared to its average volume of 25,502,525. Grab has a 1-year low of $2.26 and a 1-year high of $13.29. The business has a 50 day simple moving average of $3.03. The company has a debt-to-equity ratio of 0.27, a quick ratio of 8.03 and a current ratio of 8.07.

A number of institutional investors have recently bought and sold shares of GRAB. Valeo Financial Advisors LLC purchased a new position in Grab during the 4th quarter worth approximately $310,000. Exchange Traded Concepts LLC purchased a new position in Grab during the 4th quarter worth approximately $414,000. Clear Street LLC purchased a new position in Grab during the 4th quarter worth approximately $838,000. Russell Investments Group Ltd. purchased a new position in Grab during the 4th quarter worth approximately $8,150,000. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new position in Grab during the 4th quarter worth approximately $185,000. Hedge funds and other institutional investors own 46.25% of the company’s stock.

About Grab (Get Rating)

Grab Holdings Limited operates a transportation and fintech platform in Southeast Asia. It offers a range of services, including mobility, food, package and grocery delivery services, mobile payments, and financial services. The company was founded in 2012 and is based in Singapore.

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