Investors Buy Shares of Altaba (AABA) on Weakness

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Traders bought shares of Altaba Inc (NASDAQ:AABA) on weakness during trading hours on Tuesday. $114.74 million flowed into the stock on the tick-up and $44.39 million flowed out of the stock on the tick-down, for a money net flow of $70.35 million into the stock. Of all equities tracked, Altaba had the 20th highest net in-flow for the day. Altaba traded down ($0.96) for the day and closed at $59.12

A number of equities analysts recently weighed in on AABA shares. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $88.00 price target (down previously from $91.00) on shares of Altaba in a research report on Friday, August 24th. BidaskClub lowered Altaba from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 8th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Altaba currently has a consensus rating of “Buy” and an average price target of $93.42.

Hedge funds and other institutional investors have recently modified their holdings of the company. Sageworth Trust Co grew its holdings in Altaba by 259.7% in the 3rd quarter. Sageworth Trust Co now owns 2,140 shares of the company’s stock valued at $146,000 after buying an additional 1,545 shares during the last quarter. NEXT Financial Group Inc acquired a new stake in Altaba in the 3rd quarter valued at approximately $154,000. Comerica Bank acquired a new stake in Altaba in the 2nd quarter valued at approximately $204,000. Probabilities Fund Management LLC acquired a new stake in Altaba in the 3rd quarter valued at approximately $204,000. Finally, GSA Capital Partners LLP acquired a new stake in Altaba in the 3rd quarter valued at approximately $272,000. 71.88% of the stock is currently owned by institutional investors and hedge funds.

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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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