Yahoo! Inc. (AABA) Sees Large Increase in Short Interest
Yahoo! Inc. (NASDAQ:AABA) was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totalling 55,648,685 shares, an increase of 127.4% from the August 31st total of 24,473,854 shares. Based on an average trading volume of 6,053,824 shares, the days-to-cover ratio is presently 9.2 days. Approximately 6.3% of the company’s stock are short sold.
Institutional investors have recently added to or reduced their stakes in the business. Cowen Prime Services LLC bought a new stake in shares of Yahoo! during the 2nd quarter valued at about $183,000. Parallel Advisors LLC bought a new stake in shares of Yahoo! during the 2nd quarter valued at about $208,000. SG Americas Securities LLC bought a new stake in shares of Yahoo! during the 2nd quarter valued at about $221,000. Fernwood Investment Management LLC bought a new stake in shares of Yahoo! during the 2nd quarter valued at about $223,000. Finally, Congress Asset Management Co. MA bought a new stake in shares of Yahoo! during the 2nd quarter valued at about $300,000. Institutional investors and hedge funds own 78.62% of the company’s stock.
AABA has been the subject of several research reports. MKM Partners increased their price target on shares of Yahoo! from $62.00 to $76.00 and gave the company a “buy” rating in a research report on Sunday, September 3rd. UBS AG restated a “buy” rating on shares of Yahoo! in a research report on Monday, July 17th. Oppenheimer Holdings, Inc. initiated coverage on shares of Yahoo! in a research report on Thursday, July 6th. They set an “outperform” rating and a $75.00 price target for the company. Zacks Investment Research upgraded shares of Yahoo! from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research report on Wednesday, July 12th. Finally, J P Morgan Chase & Co initiated coverage on shares of Yahoo! in a research report on Wednesday, June 28th. They set an “overweight” rating for the company. Thirteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $51.48.
Shares of Yahoo! (NASDAQ:AABA) opened at 65.80 on Thursday. Yahoo! has a 12-month low of $38.24 and a 12-month high of $67.61. The firm’s 50-day moving average is $62.74 and its 200 day moving average is $53.81. The stock’s market capitalization is $63.12 billion.
Yahoo! announced that its board has initiated a share buyback plan on Monday, July 31st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to repurchase up to 8.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
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Altaba Inc (the Fund), formerly Yahoo! Inc, is a non-diversified, closed-end management investment company. The Fund seeks to track the combined investment return of the Alibaba Shares and the Yahoo Japan Shares it owns. Alibaba Shares represent an approximate 15% equity interest in Alibaba Group Holding Limited (Alibaba), and its Yahoo Japan Corporation ((Yahoo Japa) Shares represent an approximate 36% equity interest in Yahoo Japan.
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