Traders Buy Shares of Altaba (AABA) on Weakness

Investors purchased shares of Altaba Inc (NASDAQ:AABA) on weakness during trading on Thursday. $104.33 million flowed into the stock on the tick-up and $57.68 million flowed out of the stock on the tick-down, for a money net flow of $46.65 million into the stock. Of all equities tracked, Altaba had the 20th highest net in-flow for the day. Altaba traded down ($2.13) for the day and closed at $60.06

A number of research analysts have recently commented on AABA shares. MKM Partners dropped their target price on shares of Altaba to $115.00 and set a “buy” rating for the company in a report on Thursday, August 16th. BidaskClub cut shares of Altaba from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 9th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $88.00 target price (down previously from $91.00) on shares of Altaba in a report on Friday, August 24th. Credit Suisse Group increased their target price on shares of Altaba from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, July 10th. Finally, ValuEngine cut shares of Altaba from a “buy” rating to a “hold” rating in a report on Wednesday, August 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $94.75.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kiley Juergens Wealth Management LLC bought a new position in Altaba in the 2nd quarter valued at approximately $143,000. NEXT Financial Group Inc bought a new position in Altaba in the 3rd quarter valued at approximately $154,000. IMA Wealth Inc. bought a new position in Altaba in the 2nd quarter valued at approximately $157,000. Comerica Bank bought a new position in Altaba in the 2nd quarter valued at approximately $204,000. Finally, Pitcairn Co. bought a new position in Altaba in the 2nd quarter valued at approximately $209,000. Institutional investors and hedge funds own 83.90% of the company’s stock.

About Altaba (NASDAQ:AABA)

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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