Alibaba Group (NYSE:BABA) Trading 2.2% Higher Following Analyst Upgrade

Alibaba Group Holding Limited (NYSE:BABA)’s share price rose 2.2% on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $170.00 to $245.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Alibaba Group traded as high as $183.08 and last traded at $182.70. Approximately 14,805,165 shares were traded during trading, a decline of 31% from the average daily volume of 21,586,520 shares. The stock had previously closed at $178.73.

Other equities research analysts have also issued research reports about the company. Arete Research upgraded Alibaba Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 3rd. Arete raised shares of Alibaba Group from a “neutral” rating to a “buy” rating and set a $152.00 price target for the company in a research report on Wednesday, September 3rd. Susquehanna lifted their price target on shares of Alibaba Group from $175.00 to $190.00 and gave the stock a “positive” rating in a research note on Thursday, September 18th. Robert W. Baird upped their price target on shares of Alibaba Group from $153.00 to $174.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. Finally, Barclays raised their price objective on shares of Alibaba Group from $145.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, September 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $180.75.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. North Ridge Wealth Advisors Inc. acquired a new stake in Alibaba Group during the first quarter worth about $26,000. Summit Securities Group LLC raised its position in shares of Alibaba Group by 100.3% during the 1st quarter. Summit Securities Group LLC now owns 200 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 59,000 shares during the period. Ransom Advisory Ltd bought a new stake in shares of Alibaba Group in the 1st quarter worth approximately $26,000. 1248 Management LLC acquired a new position in Alibaba Group during the 1st quarter valued at approximately $26,000. Finally, Rosenberg Matthew Hamilton bought a new position in Alibaba Group during the 2nd quarter worth $26,000. 13.47% of the stock is owned by institutional investors and hedge funds.

Alibaba Group Stock Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market capitalization of $435.57 billion, a P/E ratio of 21.24, a P/E/G ratio of 2.06 and a beta of 0.18. The stock has a 50 day moving average of $137.93 and a 200 day moving average of $125.56.

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.