Turn8 Private Wealth Inc. Boosts Position in Alibaba Group Holding Limited $BABA

Turn8 Private Wealth Inc. boosted its holdings in Alibaba Group Holding Limited (NYSE:BABA) by 276.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,704 shares of the specialty retailer’s stock after purchasing an additional 15,204 shares during the quarter. Turn8 Private Wealth Inc.’s holdings in Alibaba Group were worth $2,441,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. 1248 Management LLC purchased a new stake in shares of Alibaba Group during the 1st quarter worth approximately $26,000. North Ridge Wealth Advisors Inc. acquired a new stake in Alibaba Group during the 1st quarter worth $26,000. Summit Securities Group LLC lifted its position in Alibaba Group by 100.3% in the first quarter. Summit Securities Group LLC now owns 200 shares of the specialty retailer’s stock valued at $26,000 after acquiring an additional 59,000 shares during the last quarter. Ransom Advisory Ltd acquired a new position in Alibaba Group in the first quarter valued at $26,000. Finally, Hazlett Burt & Watson Inc. grew its holdings in shares of Alibaba Group by 1,960.0% during the first quarter. Hazlett Burt & Watson Inc. now owns 206 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 196 shares during the last quarter. Institutional investors and hedge funds own 13.47% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BABA shares. Citigroup reissued a “buy” rating on shares of Alibaba Group in a report on Wednesday, September 24th. CLSA boosted their price objective on Alibaba Group from $155.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 2nd. Arete Research raised Alibaba Group from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 3rd. Robert W. Baird lifted their target price on shares of Alibaba Group from $153.00 to $174.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. Finally, UBS Group reiterated a “buy” rating and issued a $162.00 price target on shares of Alibaba Group in a research report on Sunday, August 31st. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $190.18.

Alibaba Group Price Performance

Alibaba Group stock opened at $160.60 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.45 and a quick ratio of 1.45. The business has a 50 day simple moving average of $166.52 and a 200-day simple moving average of $135.96. Alibaba Group Holding Limited has a 12 month low of $80.06 and a 12 month high of $192.67. The stock has a market capitalization of $383.20 billion, a PE ratio of 18.67, a price-to-earnings-growth ratio of 2.40 and a beta of 0.19.

About Alibaba Group

Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally. The company operates through seven segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others.