Exchange Traded Concepts LLC Trims Holdings in Alibaba Group Holding Limited (NYSE:BABA)

Exchange Traded Concepts LLC lowered its position in shares of Alibaba Group Holding Limited (NYSE:BABA) by 8.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 32,361 shares of the specialty retailer’s stock after selling 3,161 shares during the period. Exchange Traded Concepts LLC’s holdings in Alibaba Group were worth $3,434,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. First Command Advisory Services Inc. purchased a new position in shares of Alibaba Group during the 2nd quarter valued at $25,000. GPS Wealth Strategies Group LLC lifted its position in shares of Alibaba Group by 139.3% in the second quarter. GPS Wealth Strategies Group LLC now owns 359 shares of the specialty retailer’s stock valued at $26,000 after acquiring an additional 209 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Alibaba Group in the second quarter worth about $27,000. Register Financial Advisors LLC purchased a new stake in shares of Alibaba Group during the first quarter worth about $31,000. Finally, Asset Dedication LLC raised its stake in Alibaba Group by 315.0% during the 2nd quarter. Asset Dedication LLC now owns 527 shares of the specialty retailer’s stock valued at $38,000 after purchasing an additional 400 shares during the period. 13.47% of the stock is currently owned by institutional investors.

Alibaba Group Price Performance

Alibaba Group stock opened at $110.14 on Monday. The firm has a market capitalization of $279.48 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 0.55 and a beta of 0.35. Alibaba Group Holding Limited has a 12-month low of $66.63 and a 12-month high of $117.82. The firm has a 50-day moving average price of $89.88 and a 200-day moving average price of $81.24. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.17.

Alibaba Group (NYSE:BABA) last announced its earnings results on Thursday, August 15th. The specialty retailer reported $16.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $14.57. Alibaba Group had a return on equity of 12.08% and a net margin of 7.31%. The business had revenue of $243.24 billion during the quarter, compared to analyst estimates of $248.32 billion. During the same quarter in the previous year, the business earned $2.47 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities research analysts forecast that Alibaba Group Holding Limited will post 7.93 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on BABA. Robert W. Baird increased their price objective on shares of Alibaba Group from $85.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, August 16th. Sanford C. Bernstein boosted their price target on shares of Alibaba Group from $80.00 to $85.00 and gave the stock a “market perform” rating in a research note on Friday, August 16th. Truist Financial cut their price objective on Alibaba Group from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Macquarie raised Alibaba Group from a “neutral” rating to an “outperform” rating and set a $145.00 price target for the company in a research note on Monday, October 7th. Finally, Bank of America lifted their price objective on Alibaba Group from $106.00 to $124.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $110.75.

Alibaba Group Company Profile

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.