Investors Buy Altaba (AABA) on Weakness After Analyst Downgrade

Traders bought shares of Altaba Inc (NASDAQ:AABA) on weakness during trading hours on Monday after JPMorgan Chase & Co. lowered their price target on the stock to $80.00. $57.93 million flowed into the stock on the tick-up and $28.91 million flowed out of the stock on the tick-down, for a money net flow of $29.02 million into the stock. Of all companies tracked, Altaba had the 14th highest net in-flow for the day. Altaba traded down ($0.86) for the day and closed at $60.87

AABA has been the topic of several other reports. BidaskClub lowered Altaba from a “buy” rating to a “hold” rating in a research report on Saturday, July 21st. MKM Partners dropped their price target on Altaba to $115.00 and set a “buy” rating on the stock in a research report on Thursday, August 16th. ValuEngine lowered Altaba from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. Credit Suisse Group upped their price target on Altaba from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, July 10th. Finally, Gabelli lowered Altaba from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $93.42.

A number of hedge funds and other institutional investors have recently modified their holdings of AABA. Kiley Juergens Wealth Management LLC acquired a new stake in Altaba in the second quarter worth $143,000. Sageworth Trust Co increased its position in Altaba by 259.7% in the third quarter. Sageworth Trust Co now owns 2,140 shares of the company’s stock worth $146,000 after buying an additional 1,545 shares during the period. NEXT Financial Group Inc acquired a new stake in Altaba in the third quarter worth $154,000. IMA Wealth Inc. acquired a new stake in Altaba in the second quarter worth $157,000. Finally, Comerica Bank acquired a new stake in Altaba in the second quarter worth $204,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

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Altaba Company Profile (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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