Traders Buy Shares of Altaba (AABA) on Weakness

Traders purchased shares of Altaba (NASDAQ:AABA) on weakness during trading on Friday. $145.58 million flowed into the stock on the tick-up and $20.10 million flowed out of the stock on the tick-down, for a money net flow of $125.48 million into the stock. Of all stocks tracked, Altaba had the 4th highest net in-flow for the day. Altaba traded down ($0.57) for the day and closed at $75.93

Several brokerages have weighed in on AABA. MKM Partners lifted their price objective on Altaba to $124.00 in a report on Friday. BidaskClub raised Altaba from a “hold” rating to a “buy” rating in a report on Friday, May 4th. ValuEngine raised Altaba from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Credit Suisse Group lifted their price objective on Altaba from $81.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, February 28th. Finally, Oppenheimer lifted their price objective on Altaba from $98.00 to $104.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Altaba has a consensus rating of “Buy” and a consensus target price of $85.06.

The firm has a market capitalization of $67.27 billion, a P/E ratio of 308.08 and a beta of 1.96.

In other news, CFO Alexi Wellman sold 1,262 shares of the business’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $76.90, for a total transaction of $97,047.80. Following the completion of the transaction, the chief financial officer now owns 16,643 shares of the company’s stock, valued at approximately $1,279,846.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 24.00% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of AABA. Atria Investments LLC bought a new stake in Altaba during the 4th quarter worth $476,000. Westpac Banking Corp grew its position in Altaba by 41.8% during the 4th quarter. Westpac Banking Corp now owns 28,640 shares of the company’s stock worth $2,001,000 after acquiring an additional 8,440 shares during the last quarter. Syntal Capital Partners LLC bought a new stake in Altaba during the 4th quarter worth $1,460,000. Hollencrest Capital Management bought a new stake in Altaba during the 4th quarter worth $513,000. Finally, Personal Capital Advisors Corp bought a new stake in Altaba during the 4th quarter worth $287,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

About Altaba

Altaba Inc operates as a non-diversified, closed-end management investment company in the United States. Its assets consist primarily of equity investments, short-term debt investments, and cash. The company was formerly known as Yahoo! Inc and changed its name to Altaba Inc in June 2017. Altaba Inc was founded in 1994 and is based in New York, New York.

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