Renaissance Technologies LLC Purchases 1,121,500 Shares of Alibaba Group Holding Limited (NYSE:BABA)

Renaissance Technologies LLC grew its position in shares of Alibaba Group Holding Limited (NYSE:BABA) by 523.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,335,600 shares of the specialty retailer’s stock after purchasing an additional 1,121,500 shares during the quarter. Renaissance Technologies LLC owned about 0.05% of Alibaba Group worth $96,163,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Capital Wealth Planning LLC raised its holdings in Alibaba Group by 41.6% during the 2nd quarter. Capital Wealth Planning LLC now owns 32,030 shares of the specialty retailer’s stock worth $2,306,000 after purchasing an additional 9,415 shares during the last quarter. Tennessee Valley Asset Management Partners increased its stake in shares of Alibaba Group by 10.3% in the 2nd quarter. Tennessee Valley Asset Management Partners now owns 6,447 shares of the specialty retailer’s stock valued at $464,000 after acquiring an additional 602 shares in the last quarter. ICA Group Wealth Management LLC increased its stake in shares of Alibaba Group by 14.6% in the 2nd quarter. ICA Group Wealth Management LLC now owns 1,004 shares of the specialty retailer’s stock valued at $72,000 after acquiring an additional 128 shares in the last quarter. Retirement Planning Co of New England Inc. increased its stake in shares of Alibaba Group by 6.2% in the 2nd quarter. Retirement Planning Co of New England Inc. now owns 8,474 shares of the specialty retailer’s stock valued at $610,000 after acquiring an additional 492 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Alibaba Group by 8.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 348,934 shares of the specialty retailer’s stock valued at $25,123,000 after acquiring an additional 27,058 shares in the last quarter. Institutional investors own 13.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BABA. Benchmark reiterated a “buy” rating and issued a $118.00 price objective on shares of Alibaba Group in a research note on Friday, August 16th. Sanford C. Bernstein lifted their price objective on shares of Alibaba Group from $80.00 to $85.00 and gave the company a “market perform” rating in a research note on Friday, August 16th. Truist Financial reduced their price target on shares of Alibaba Group from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Loop Capital reissued a “buy” rating and issued a $115.00 price target on shares of Alibaba Group in a research report on Thursday, August 29th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $90.00 price target on shares of Alibaba Group in a research report on Friday, August 23rd. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.61.

Alibaba Group Price Performance

BABA opened at $83.61 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market capitalization of $212.16 billion, a price-to-earnings ratio of 19.49, a P/E/G ratio of 0.43 and a beta of 0.33. The firm’s fifty day moving average price is $80.07 and its two-hundred day moving average price is $77.28. Alibaba Group Holding Limited has a 1 year low of $66.63 and a 1 year high of $90.46.

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

Alibaba Group 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.