State Board of Administration of Florida Retirement System grew its stake in Grab Holdings Limited (NASDAQ:GRAB – Get Rating) by 90.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,397 shares of the company’s stock after purchasing an additional 25,297 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Grab were worth $135,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Capital Research Global Investors lifted its holdings in shares of Grab by 50.9% in the first quarter. Capital Research Global Investors now owns 108,322,250 shares of the company’s stock valued at $379,128,000 after purchasing an additional 36,542,740 shares in the last quarter. BlackRock Inc. bought a new position in shares of Grab in the first quarter valued at approximately $161,045,000. Capital International Investors lifted its holdings in shares of Grab by 0.8% in the first quarter. Capital International Investors now owns 19,097,374 shares of the company’s stock valued at $66,841,000 after purchasing an additional 145,174 shares in the last quarter. State Street Corp bought a new position in shares of Grab in the first quarter valued at approximately $49,695,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Grab by 137.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,937,502 shares of the company’s stock valued at $20,781,000 after purchasing an additional 3,438,772 shares in the last quarter. Institutional investors own 46.17% of the company’s stock.
Analyst Ratings Changes
A number of research analysts have recently weighed in on the company. Citigroup dropped their target price on Grab from $5.40 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, November 8th. JPMorgan Chase & Co. downgraded Grab from an “overweight” rating to a “neutral” rating and increased their price target for the company from $3.00 to $3.80 in a research report on Monday, August 8th. Finally, Barclays started coverage on Grab in a research report on Monday, October 10th. They set an “equal weight” rating and a $3.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Grab has an average rating of “Moderate Buy” and a consensus target price of $5.38.
Grab Stock Down 2.0 %
Grab (NASDAQ:GRAB – Get Rating) last announced its quarterly earnings results on Thursday, August 25th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The company had revenue of $321.00 million during the quarter, compared to analysts’ expectations of $307.69 million. Grab had a negative net margin of 222.20% and a negative return on equity of 32.22%. On average, analysts anticipate that Grab Holdings Limited will post -0.39 earnings per share for the current year.
Grab Holdings Limited provides superapps that allows access to mobility, delivery, financial services, and enterprise offerings through its mobile application in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The company is headquartered in Singapore.
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