Investors Buy Altaba (AABA) on Weakness

Traders purchased shares of Altaba Inc (NASDAQ:AABA) on weakness during trading hours on Wednesday. $99.26 million flowed into the stock on the tick-up and $66.86 million flowed out of the stock on the tick-down, for a money net flow of $32.40 million into the stock. Of all stocks tracked, Altaba had the 31st highest net in-flow for the day. Altaba traded down ($2.21) for the day and closed at $73.76

A number of research analysts have weighed in on AABA shares. BidaskClub lowered shares of Altaba from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 18th. Credit Suisse Group raised their target price on shares of Altaba from $76.00 to $88.00 in a research note on Friday, June 8th. MKM Partners raised their target price on shares of Altaba to $124.00 in a research note on Friday, May 18th. JPMorgan Chase & Co. raised their target price on shares of Altaba from $90.00 to $91.00 and gave the stock an “overweight” rating in a research note on Friday, June 1st. Finally, ValuEngine raised shares of Altaba from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $91.79.

Hedge funds have recently added to or reduced their stakes in the company. Element Capital Management LLC purchased a new stake in Altaba in the fourth quarter valued at approximately $1,540,066,000. Canyon Capital Advisors LLC raised its position in Altaba by 47.0% in the first quarter. Canyon Capital Advisors LLC now owns 43,278,522 shares of the company’s stock valued at $3,204,342,000 after purchasing an additional 13,846,792 shares during the period. Millennium Management LLC raised its position in Altaba by 15.0% in the fourth quarter. Millennium Management LLC now owns 20,439,085 shares of the company’s stock valued at $1,427,670,000 after purchasing an additional 2,671,283 shares during the period. OZ Management LP raised its position in Altaba by 19.1% in the first quarter. OZ Management LP now owns 14,510,033 shares of the company’s stock valued at $1,074,323,000 after purchasing an additional 2,326,938 shares during the period. Finally, Suvretta Capital Management LLC raised its position in Altaba by 96.7% in the first quarter. Suvretta Capital Management LLC now owns 3,131,461 shares of the company’s stock valued at $231,853,000 after purchasing an additional 1,539,451 shares during the period. 72.04% of the stock is currently owned by hedge funds and other institutional investors.

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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