5 Best NASDAQ Penny Stocks To Invest In

2. Grab Holdings Limited (NASDAQ:GRAB)

Number of Hedge Fund Holders: 34

Share Price as of February 11: $3.43

Grab Holdings Limited (NASDAQ:GRAB) ranks 2nd on our list of the best penny stocks. Grab Holdings Limited (NASDAQ:GRAB) operates as a superapp provider in Southeast Asian countries, including Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The company’s Grab ecosystem serves as a single platform with superapps, connecting driver and merchant partners with consumers. On November 9, 2023, Grab Holdings Limited (NASDAQ:GRAB) reported a Q3 GAAP EPS of -$0.02, in-line with market consensus. Revenue for the quarter increased 61% year-over-year to $615 million, outperforming Wall Street estimates by $27.02 million. 

According to Insider Monkey’s third quarter database, 34 hedge funds were bullish on Grab Holdings Limited (NASDAQ:GRAB), compared to 25 funds in the prior quarter. Chase Coleman’s Tiger Global Management is the largest stakeholder of the company, with 51.3 million shares worth $181.6 million. 

Artisan Developing World Fund made the following comment about Grab Holdings Limited (NASDAQ:GRAB) in its Q1 2023 investor letter:

“Bottom contributors to performance for the quarter included Southeast Asian technology platform Grab Holdings Limited (NASDAQ:GRAB). Grab fell due to concerns about a slowdown in its food delivery business despite continued growth and recovery in ride hailing, and perhaps due to the technical selling pressure from prominent pre-IPO shareholders.”

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