Renaissance Technologies LLC Invests $48.73 Million in Grab Holdings Limited $GRAB

Renaissance Technologies LLC bought a new position in shares of Grab Holdings Limited (NASDAQ:GRAB) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,314,435 shares of the company’s stock, valued at approximately $48,731,000. Renaissance Technologies LLC owned about 0.32% of Grab at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Grab by 9.8% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 11,821,595 shares of the company’s stock worth $58,928,000 after buying an additional 1,050,619 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Grab by 98.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,478,218 shares of the company’s stock worth $37,316,000 after acquiring an additional 3,711,860 shares during the period. Jennison Associates LLC purchased a new position in Grab during the fourth quarter valued at approximately $18,919,000. Principal Financial Group Inc. raised its position in Grab by 28.9% during the fourth quarter. Principal Financial Group Inc. now owns 13,177,391 shares of the company’s stock valued at $65,755,000 after acquiring an additional 2,956,486 shares in the last quarter. Finally, Tudor Investment Corp ET AL lifted its holdings in Grab by 53.0% in the third quarter. Tudor Investment Corp ET AL now owns 2,021,302 shares of the company’s stock valued at $12,168,000 after acquiring an additional 700,130 shares during the period. 55.52% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Anthony Ping Yeow Tan sold 400,000 shares of Grab stock in a transaction on Monday, June 15th. The shares were sold at an average price of $3.51, for a total value of $1,404,000.00. Following the sale, the chief executive officer owned 425,193 shares of the company’s stock, valued at approximately $1,492,427.43. This trade represents a 48.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Alexander Charles Hungate sold 144,093 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $3.45, for a total transaction of $497,120.85. Following the completion of the sale, the chief operating officer directly owned 6,254,023 shares of the company’s stock, valued at approximately $21,576,379.35. The trade was a 2.25% decrease in their position. 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. Over the last quarter, insiders have sold 1,666,093 shares of company stock worth $6,083,321. Corporate insiders own 3.60% of the company’s stock.

Analyst Ratings Changes

GRAB has been the topic of several recent research reports. Barclays lowered their price objective on Grab from $7.00 to $5.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Mizuho cut their target price on shares of Grab from $7.00 to $6.00 and set an “outperform” rating for the company in a report on Tuesday, May 5th. Weiss Ratings upgraded shares of Grab from a “sell (d+)” rating to a “hold (c-)” rating in a research note 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 on the stock in a report on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Grab from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.01.

Grab Stock Performance

NASDAQ GRAB opened at $3.35 on Tuesday. The stock has a market capitalization of $13.73 billion, a price-to-earnings ratio of 335.34, a PEG ratio of 1.27 and a beta of 0.87. The stock has a 50-day moving average of $3.57 and a 200 day moving average of $3.88. 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 $3.18 and a twelve month high of $6.62.

Grab (NASDAQ:GRAB) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.03). The business had revenue of $955.00 million during the quarter, compared to analyst estimates of $921.71 million. Grab had a net margin of 10.67% and a return on equity of 5.79%. Sell-side analysts anticipate that Grab Holdings Limited will post 0.1 EPS for the current fiscal year.

Grab Company Profile

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.