Cigna Investments Inc. New Buys 4,595 Shares of Grab Holdings Limited (NASDAQ:GRAB)

Cigna Investments Inc. New boosted its stake in shares of Grab Holdings Limited (NASDAQ:GRAB) by 12.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,269 shares of the company’s stock after purchasing an additional 4,595 shares during the quarter. Cigna Investments Inc. New’s holdings in Grab were worth $143,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in Grab by 1.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,648,194 shares of the company’s stock worth $25,774,000 after purchasing an additional 126,365 shares during the period. California State Teachers Retirement System lifted its stake in Grab by 3.8% in the 4th quarter. California State Teachers Retirement System now owns 2,326,539 shares of the company’s stock worth $7,840,000 after purchasing an additional 85,670 shares in the last quarter. NewEdge Wealth LLC boosted its position in shares of Grab by 17.1% during the 4th quarter. NewEdge Wealth LLC now owns 124,093 shares of the company’s stock valued at $418,000 after acquiring an additional 18,094 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Grab by 0.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 944,627 shares of the company’s stock worth $3,103,000 after acquiring an additional 5,317 shares in the last quarter. Finally, Quadrature Capital Ltd grew its position in Grab by 125.0% during the first quarter. Quadrature Capital Ltd now owns 1,062,944 shares of the company’s stock valued at $3,348,000 after acquiring an additional 590,580 shares during the last quarter. Institutional investors own 55.52% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Barclays boosted their price target on Grab from $4.30 to $4.70 and gave the stock an “overweight” rating in a research note on Wednesday, May 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on Grab in a research note on Friday, May 17th. They set a “buy” rating and a $4.50 target price on the stock. Benchmark reiterated a “buy” rating and issued a $6.00 target price on shares of Grab in a report on Thursday, May 16th. Mizuho began coverage on shares of Grab in a research report on Thursday, June 27th. They set an “outperform” rating and a $5.00 price target for the company. Finally, Jefferies Financial Group cut their price target 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 research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $5.02.

Grab Stock Performance

Grab stock traded down $0.25 during midday trading on Thursday, reaching $3.12. 85,620,749 shares of the stock traded hands, compared to its average volume of 22,434,500. The firm has a market cap of $12.24 billion, a price-to-earnings ratio of -44.57 and a beta of 0.81. The company has a current ratio of 3.26, a quick ratio of 3.22 and a debt-to-equity ratio of 0.03. Grab Holdings Limited has a fifty-two week low of $2.90 and a fifty-two week high of $3.88. The firm has a fifty day moving average price of $3.45 and a two-hundred day moving average price of $3.39.

Grab (NASDAQ:GRAB) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). Grab had a negative return on equity of 4.62% and a negative net margin of 11.86%. The company had revenue of $653.00 million during the quarter, compared to analysts’ expectations of $662.48 million. On average, equities research analysts forecast that Grab Holdings Limited will post -0.03 earnings per share for the current year.

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.