Grab (NASDAQ:GRAB) stock closed down 37% yesterday at a new all-time low of $3.28 per share after the company reported disappointing earnings.
The Singapore-based ride-hailing and food-delivery company announced that its revenue in the fourth quarter fell 44% to $122 million. Grab also reported that its loss widened from $102 million to $305 million in the quarter, and it reported a loss under International Financial Reporting Standards of $1.1 billion due to expenses related to its SPAC merger in 2021.
On Thursday, investors were in an unforgiving mood, sending GRAB stock sharply lower. With shares starting to recover today, is it time to buy the dip? Here is what analysts have to say.
GRAB Stock Price Predictions
- JPMorgan Chase has a “hold” rating on the stock and a $5.70 price target, which implies 47% upside from here.
- Citigroup has a “buy” rating on GRAB stock and a $9 price target, implying 130% upside.
- Goldman Sachs also has a “buy” rating on the shares and a price target of $7.90, which would be 103% higher than current levels.
What’s Next for Grab
While the latest earnings results were bad, analysts seem to feel that GRAB stock has room to run higher.
Among 13 analysts who cover the company, the median price target on the share price is currently $8, which would be 144% higher than where the stock finished trading yesterday. Investors should keep in mind though that analysts may now revise their ratings on Grab stock following the Q4 earnings miss.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
