BOCHK Asset Management Ltd acquired a new stake in Alibaba Group Holding Limited (NYSE:BABA – Free Report) in the third quarter, HoldingsChannel reports. The fund acquired 61,600 shares of the specialty retailer’s stock, valued at approximately $6,537,000. Alibaba Group comprises 1.9% of BOCHK Asset Management Ltd’s holdings, making the stock its 19th largest position.
Other institutional investors also recently modified their holdings of the company. Global Assets Advisory LLC acquired a new position in shares of Alibaba Group in the first quarter valued at $2,023,000. Sound Income Strategies LLC lifted its stake in shares of Alibaba Group by 94.1% during the 1st quarter. Sound Income Strategies LLC now owns 1,526 shares of the specialty retailer’s stock worth $110,000 after buying an additional 740 shares during the last quarter. Sunbelt Securities Inc. boosted its holdings in shares of Alibaba Group by 11.9% during the 1st quarter. Sunbelt Securities Inc. now owns 12,697 shares of the specialty retailer’s stock worth $919,000 after buying an additional 1,353 shares during the period. Future Financial Wealth Managment LLC acquired a new position in Alibaba Group in the 1st quarter valued at about $85,000. Finally, Procyon Advisors LLC raised its holdings in Alibaba Group by 25.1% in the 1st quarter. Procyon Advisors LLC now owns 20,666 shares of the specialty retailer’s stock valued at $1,495,000 after acquiring an additional 4,153 shares during the period. 13.47% of the stock is currently owned by institutional investors and hedge funds.
Alibaba Group Price Performance
BABA stock traded down $1.92 during midday trading on Thursday, reaching $96.08. 9,191,733 shares of the stock were exchanged, compared to its average volume of 17,845,982. Alibaba Group Holding Limited has a 52 week low of $66.63 and a 52 week high of $117.82. The company has a fifty day moving average price of $93.46 and a 200 day moving average price of $82.82. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.41 and a quick ratio of 1.41. The stock has a market capitalization of $243.80 billion, a PE ratio of 22.31, a P/E/G ratio of 0.55 and a beta of 0.35.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the company. Benchmark restated a “buy” rating and set a $118.00 price objective on shares of Alibaba Group in a report on Friday, August 16th. Macquarie upgraded Alibaba Group from a “neutral” rating to an “outperform” rating and set a $145.00 price target for the company in a research note on Monday, October 7th. Susquehanna decreased their price objective on Alibaba Group from $135.00 to $130.00 and set a “positive” rating on the stock in a report on Monday, August 19th. Truist Financial dropped their target price on Alibaba Group from $110.00 to $100.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of Alibaba Group from $100.00 to $108.00 and gave the company an “overweight” rating in a research note on Friday, August 16th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $114.00.
View Our Latest Stock Analysis on BABA
Alibaba Group Company Profile
Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally. The company operates through seven segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others.
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