Alibaba Group Holding Limited (NYSE:BABA – Get Free Report) shares traded up 2.2% on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $170.00 to $245.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Alibaba Group traded as high as $183.08 and last traded at $182.70. 14,805,165 shares changed hands during trading, a decline of 31% from the average session volume of 21,586,520 shares. The stock had previously closed at $178.73.
Other analysts also recently issued research reports about the company. Benchmark lifted their target price on Alibaba Group from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, September 2nd. Arete raised Alibaba Group from a “neutral” rating to a “buy” rating and set a $152.00 price target on the stock in a report on Wednesday, September 3rd. Wall Street Zen downgraded shares of Alibaba Group from a “buy” rating to a “hold” rating in a report on Friday, June 27th. Bank of America raised their target price on shares of Alibaba Group from $168.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Finally, Robert W. Baird boosted their price target on shares of Alibaba Group from $153.00 to $174.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $180.75.
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Institutional Investors Weigh In On Alibaba Group
A number of institutional investors and hedge funds have recently modified their holdings of BABA. North Ridge Wealth Advisors Inc. acquired a new position in shares of Alibaba Group in the 1st quarter valued at $26,000. Summit Securities Group LLC lifted its stake in Alibaba Group by 100.3% during the first quarter. Summit Securities Group LLC now owns 200 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 59,000 shares in the last quarter. Ransom Advisory Ltd purchased a new stake in Alibaba Group during the first quarter valued at about $26,000. 1248 Management LLC purchased a new position in shares of Alibaba Group in the first quarter worth approximately $26,000. Finally, Rosenberg Matthew Hamilton purchased a new position in shares of Alibaba Group in the second quarter worth approximately $26,000. 13.47% of the stock is owned by institutional investors and hedge funds.
Alibaba Group Trading Up 2.2%
The company’s 50-day moving average is $137.93 and its 200 day moving average is $125.56. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.19. The firm has a market cap of $435.57 billion, a PE ratio of 21.24, a P/E/G ratio of 2.06 and a beta of 0.18.
About Alibaba Group
(Get Free Report)
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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