Traders sold shares of Altaba Inc (NASDAQ:AABA) on strength during trading on Wednesday. $47.60 million flowed into the stock on the tick-up and $96.14 million flowed out of the stock on the tick-down, for a money net flow of $48.54 million out of the stock. Of all equities tracked, Altaba had the 16th highest net out-flow for the day. Altaba traded up $1.23 for the day and closed at $77.20
AABA has been the topic of a number of analyst reports. BidaskClub raised Altaba from a “hold” rating to a “buy” rating in a research note on Friday, December 22nd. UBS Group reaffirmed a “buy” rating and set a $98.00 target price (up previously from $92.00) on shares of Altaba in a research note on Thursday, February 22nd. Vetr raised Altaba from a “hold” rating to a “buy” rating and set a $81.50 target price on the stock in a research note on Tuesday, February 20th. Credit Suisse Group upped their target price on Altaba from $81.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, February 28th. Finally, Oppenheimer upped their target price on Altaba from $98.00 to $104.00 and gave the company an “outperform” rating in a research note on Wednesday, February 28th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $71.96.
The firm has a market cap of $67,420.00, a P/E ratio of 2.86 and a beta of 2.00.
In related news, CFO Alexi Wellman sold 1,940 shares of the stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $75.04, for a total value of $145,577.60. Following the transaction, the chief financial officer now owns 17,905 shares of the company’s stock, valued at $1,343,591.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Tci Fund Management Ltd sold 1,214,000 shares of the stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $74.20, for a total value of $90,078,800.00. The disclosure for this sale can be found here. 24.00% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Atlantic Trust Group LLC grew its stake in Altaba by 97.8% in the third quarter. Atlantic Trust Group LLC now owns 41,370 shares of the company’s stock worth $2,740,000 after purchasing an additional 20,458 shares in the last quarter. Addison Capital Co bought a new stake in Altaba during the 4th quarter valued at $526,000. Steward Partners Investment Advisory LLC bought a new stake in Altaba during the 3rd quarter valued at $505,000. FNY Managed Accounts LLC bought a new stake in Altaba during the 4th quarter valued at $8,224,000. Finally, Hudson Bay Capital Management LP boosted its position in Altaba by 89.7% during the 4th quarter. Hudson Bay Capital Management LP now owns 7,167,499 shares of the company’s stock valued at $500,650,000 after acquiring an additional 3,390,092 shares in the last quarter. 73.85% of the stock is currently owned by institutional investors.
Altaba Inc (the Fund), formerly Yahoo! Inc, is a non-diversified, closed-end management investment company. The Fund seeks to track the combined investment return of the Alibaba Shares and the Yahoo Japan Shares it owns. Alibaba Shares represent an approximate 15% equity interest in Alibaba Group Holding Limited (Alibaba), and its Yahoo Japan Corporation ((Yahoo Japa) Shares represent an approximate 36% equity interest in Yahoo Japan.
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