7 Best Rising Penny Stocks To Invest In Now

2. Grab Holdings Limited (NASDAQ:GRAB)

1-Month Stock Price Performance: 15.96%

Number of Hedge Fund Holders: 34

Grab Holdings Limited (NASDAQ:GRAB) operates a versatile super-app that integrates ride-hailing, food delivery, and digital payment services. The platform serves a wide range of customers across eight Southeast Asian countries, including key markets like Singapore, Malaysia, Indonesia, and Vietnam.

The company’s approach has made it a significant player in the region, allowing users to access multiple services seamlessly through a single app. It is one of the best rising penny stocks to invest in now.

In the second quarter, it reported significant performance metrics, achieving a record high of 41 million Monthly Transacting Users. The figure highlights the growing popularity and utility of the platform among consumers.

The company also experienced impressive growth in its on-demand gross merchandise value (GMV), which rose 18% year-over-year on a constant currency basis, reaching new heights. It was fueled by a 22% increase in on-demand transactions, which points to strong demand for its services and an effective cross-utilization of its various offerings.

Grab Holdings’ (NASDAQ:GRAB) liquidity position remains strong, with cash reserves totaling $5.6 billion by the end of the second quarter, up from $5.3 billion in the previous quarter. The increase in liquidity is partly due to a significant rise in customer deposits within its banking segment, which climbed to $730 million from $479 million.

Such growth boosts financial stability and provides resources for further investments and expansion. Additionally, the company reported net cash liquidity of $5.3 billion, compared to $5.0 billion previously, which shows its ongoing profitability. The company has reaffirmed its full-year revenue guidance for 2024, projecting a range of $2.70 billion to $2.75 billion.