Investors Buy Altaba (AABA) on Weakness

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Traders purchased shares of Altaba Inc (NASDAQ:AABA) on weakness during trading hours on Thursday. $277.86 million flowed into the stock on the tick-up and $43.78 million flowed out of the stock on the tick-down, for a money net flow of $234.08 million into the stock. Of all companies tracked, Altaba had the 2nd highest net in-flow for the day. Altaba traded down ($1.10) for the day and closed at $69.33

Several equities analysts recently issued reports on AABA shares. BidaskClub upgraded Altaba from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 31st. Gabelli lowered Altaba from a “buy” rating to a “hold” rating in a research note on Wednesday, July 11th. Credit Suisse Group boosted their price target on Altaba from $80.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, July 10th. ValuEngine lowered Altaba from a “buy” rating to a “hold” rating in a research note on Wednesday, August 15th. Finally, MKM Partners lowered their price target on Altaba to $115.00 and set a “buy” rating on the stock in a research note on Thursday, August 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Altaba presently has an average rating of “Hold” and a consensus target price of $94.75.

A number of institutional investors and hedge funds have recently modified their holdings of AABA. Canyon Capital Advisors LLC increased its stake in Altaba by 47.0% during 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 acquiring an additional 13,846,792 shares during the period. LMR Partners LLP grew its stake in shares of Altaba by 387.3% in the 2nd quarter. LMR Partners LLP now owns 7,729,900 shares of the company’s stock valued at $565,906,000 after purchasing an additional 6,143,500 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Altaba in the 2nd quarter valued at approximately $209,414,000. OZ Management LP grew its stake in shares of Altaba by 19.1% in the 1st 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 grew its stake in shares of Altaba by 96.7% in the 1st 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. Hedge funds and other institutional investors own 84.23% of the company’s stock.

About Altaba (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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