BOCHK Asset Management Ltd Makes New $6.54 Million Investment in Alibaba Group Holding Limited (NYSE:BABA)

BOCHK Asset Management Ltd acquired a new stake in Alibaba Group Holding Limited (NYSE:BABA) 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.

Alibaba Group (NYSE:BABA) last released its quarterly earnings results on Thursday, August 15th. The specialty retailer reported $16.44 earnings per share for the quarter, topping the consensus estimate of $1.87 by $14.57. The company had revenue of $243.24 billion for the quarter, compared to analysts’ expectations of $248.32 billion. Alibaba Group had a return on equity of 12.08% and a net margin of 7.31%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.47 earnings per share. As a group, analysts expect that Alibaba Group Holding Limited will post 7.93 EPS for the current fiscal year.

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.

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.