Yahoo! Inc. (NASDAQ:AABA) was the target of a significant decline in short interest in September. As of September 29th, there was short interest totalling 18,916,912 shares, a decline of 66.0% from the September 15th total of 55,648,685 shares. Based on an average trading volume of 8,519,386 shares, the days-to-cover ratio is presently 2.2 days. Currently, 2.1% of the company’s stock are short sold.
Shares of Yahoo! (NASDAQ AABA) opened at 69.22 on Thursday. The company’s 50 day moving average price is $65.88 and its 200 day moving average price is $56.15. The stock’s market cap is $66.40 billion. Yahoo! has a 52-week low of $38.24 and a 52-week high of $69.51.
Yahoo! announced that its board has initiated a share repurchase plan on Monday, July 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Hedge funds have recently bought and sold shares of the company. Cowen Prime Services LLC purchased a new stake in shares of Yahoo! in the second quarter valued at approximately $183,000. Parallel Advisors LLC purchased a new stake in shares of Yahoo! in the second quarter valued at approximately $208,000. SG Americas Securities LLC purchased a new stake in shares of Yahoo! in the second quarter valued at approximately $221,000. Fernwood Investment Management LLC purchased a new stake in shares of Yahoo! in the second quarter valued at approximately $223,000. Finally, Congress Asset Management Co. MA purchased a new stake in shares of Yahoo! in the second quarter valued at approximately $300,000. Institutional investors and hedge funds own 78.62% of the company’s stock.
Several research firms have commented on AABA. B. Riley dropped coverage on Yahoo! in a report on Wednesday, June 14th. BidaskClub downgraded Yahoo! from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. J P Morgan Chase & Co assumed coverage on Yahoo! in a report on Wednesday, June 28th. They set an “overweight” rating on the stock. Raymond James Financial, Inc. reaffirmed an “outperform” rating and set a $72.00 price target (up from $58.00) on shares of Yahoo! in a report on Sunday, June 18th. Finally, Oppenheimer Holdings, Inc. assumed coverage on Yahoo! in a report on Thursday, July 6th. They set an “outperform” rating and a $75.00 price target on the stock. Thirteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Yahoo! currently has a consensus rating of “Buy” and a consensus price target of $51.48.
Yahoo! Company Profile
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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