Alibaba Group (NYSE:BABA) Shares Down 2.4% – What’s Next?

Alibaba Group Holding Limited (NYSE:BABA) shares dropped 2.4% during trading on Thursday . The company traded as low as $95.53 and last traded at $95.69. Approximately 5,519,848 shares changed hands during trading, a decline of 69% from the average daily volume of 17,828,158 shares. The stock had previously closed at $98.00.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BABA shares. Bank of America boosted their price objective on Alibaba Group from $106.00 to $124.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Robert W. Baird boosted their price target on shares of Alibaba Group from $88.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday. Truist Financial lowered their price objective on shares of Alibaba Group from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Morgan Stanley reiterated an “equal weight” rating and issued a $90.00 target price on shares of Alibaba Group in a research note on Friday, August 23rd. Finally, Barclays raised their price target on shares of Alibaba Group from $107.00 to $137.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Alibaba Group Trading Up 1.1 %

The stock has a market cap of $247.09 billion, a P/E ratio of 22.70, a PEG ratio of 0.55 and a beta of 0.35. The firm’s fifty day moving average price is $94.08 and its two-hundred day moving average price is $83.09. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.41 and a quick ratio of 1.41.

Alibaba Group (NYSE:BABA) last announced its earnings results on Thursday, August 15th. The specialty retailer reported $16.44 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $248.32 billion. During the same period in the prior year, the company earned $2.47 EPS. The company’s quarterly revenue 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.

Hedge Funds Weigh In On Alibaba Group

A number of hedge funds and other institutional investors have recently bought and sold shares of BABA. Concord Wealth Partners lifted its holdings in shares of Alibaba Group by 155.0% during the 3rd quarter. Concord Wealth Partners now owns 255 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 155 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Alibaba Group during the second quarter valued at about $27,000. Highline Wealth Partners LLC bought a new stake in Alibaba Group during the third quarter worth about $36,000. First Command Advisory Services Inc. purchased a new position in shares of Alibaba Group in the 2nd quarter worth about $25,000. Finally, GPS Wealth Strategies Group LLC increased its position in shares of Alibaba Group by 139.3% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 359 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 209 shares during the last quarter. Hedge funds and other institutional investors own 13.47% of the company’s stock.

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.