Investors Buy Yahoo! Inc. (AABA) on Weakness
Investors bought shares of Yahoo! Inc. (NASDAQ:AABA) on weakness during trading hours on Wednesday. $72.23 million flowed into the stock on the tick-up and $30.56 million flowed out of the stock on the tick-down, for a money net flow of $41.67 million into the stock. Of all equities tracked, Yahoo! had the 14th highest net in-flow for the day. Yahoo! traded down ($0.15) for the day and closed at $67.66
AABA has been the topic of several research analyst reports. MKM Partners boosted 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 reiterated a “buy” rating on shares of Yahoo! in a research report on Monday, July 17th. Zacks Investment Research upgraded shares of Yahoo! from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Wednesday, July 12th. 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 on the stock. Finally, Raymond James Financial, Inc. reiterated an “outperform” rating and set a $72.00 price target (up previously from $58.00) on shares of Yahoo! in a research report on Sunday, June 18th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $51.48.
The company’s 50 day moving average price is $65.30 and its 200 day moving average price is $55.44. The firm’s market capitalization is $64.96 billion.
Yahoo! announced that its Board of Directors has approved a stock repurchase plan on Monday, July 31st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to purchase up to 8.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Atlantic Trust Group LLC acquired a new stake in Yahoo! during the 2nd quarter valued at approximately $1,139,000. Rhumbline Advisers acquired a new stake in Yahoo! during the 2nd quarter valued at approximately $3,364,000. Pacer Advisors Inc. acquired a new stake in Yahoo! during the 2nd quarter valued at approximately $1,108,000. IFP Advisors Inc acquired a new stake in Yahoo! during the 2nd quarter valued at approximately $350,000. Finally, Fernwood Investment Management LLC acquired a new stake in Yahoo! during the 2nd quarter valued at approximately $223,000. Institutional investors and hedge funds own 78.62% of the company’s stock.
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Yahoo! Company Profile
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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