Investors Buy Altaba (AABA) on Weakness

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Traders bought shares of Altaba Inc (NASDAQ:AABA) on weakness during trading hours on Tuesday. $109.16 million flowed into the stock on the tick-up and $45.93 million flowed out of the stock on the tick-down, for a money net flow of $63.23 million into the stock. Of all equities tracked, Altaba had the 16th highest net in-flow for the day. Altaba traded down ($1.59) for the day and closed at $67.96

AABA has been the subject of several research reports. MKM Partners lifted their price target on Altaba to $124.00 in a report on Friday, May 18th. BidaskClub raised Altaba from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 31st. JPMorgan Chase & Co. lifted their price target on Altaba from $90.00 to $91.00 and gave the stock an “overweight” rating in a report on Friday, June 1st. Credit Suisse Group lifted their price target on Altaba from $76.00 to $88.00 in a report on Friday, June 8th. Finally, Gabelli cut Altaba from a “buy” rating to a “hold” rating in a report on Wednesday, July 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Altaba presently has an average rating of “Hold” and an average target price of $94.75.

A number of hedge funds and other institutional investors have recently made changes to their positions in AABA. Dupont Capital Management Corp acquired a new position in Altaba in the 1st quarter valued at $1,851,000. Westpac Banking Corp raised its holdings in Altaba by 60.2% in the 1st quarter. Westpac Banking Corp now owns 45,887 shares of the company’s stock valued at $3,397,000 after acquiring an additional 17,247 shares in the last quarter. Zweig DiMenna Associates LLC raised its holdings in Altaba by 142.0% in the 1st quarter. Zweig DiMenna Associates LLC now owns 698,285 shares of the company’s stock valued at $51,701,000 after acquiring an additional 409,686 shares in the last quarter. Eaton Vance Management raised its holdings in Altaba by 16.3% in the 1st quarter. Eaton Vance Management now owns 194,056 shares of the company’s stock valued at $14,368,000 after acquiring an additional 27,152 shares in the last quarter. Finally, TT International acquired a new position in Altaba in the 1st quarter valued at $15,178,000. 84.23% of the stock is owned by hedge funds and other institutional investors.

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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