Alibaba Group (NYSE:BABA) Stock Price Up 8.3% on Analyst Upgrade

Key Points

• Alibaba Group's stock price increased by 8.3% after Robert W. Baird raised its price target from $153.00 to $174.00, with the stock trading at $176.66 at the time.
• Multiple analysts have issued upgrades and adjusted price targets for Alibaba, with a consensus rating of "Buy" and an average target price of $172.81.
• A notable surge in trading volume occurred, with approximately 52.4 million shares changing hands, a 141% increase from the average daily volume.

Alibaba Group Holding Limited (NYSE:BABA - Get Free Report) was up 8.3% during mid-day trading on Wednesday after Robert W. Baird raised their price target on the stock from $153.00 to $174.00. Robert W. Baird currently has an outperform rating on the stock. Alibaba Group traded as high as $180.16 and last traded at $176.66. Approximately 52,353,910 shares changed hands during trading, an increase of 141% from the average daily volume of 21,679,189 shares. The stock had previously closed at $163.08.

BABA has been the topic of a number of other research reports. Benchmark lifted their price target on shares of Alibaba Group from $176.00 to $195.00 and gave the company a "buy" rating in a research note on Tuesday, September 2nd. Zacks Research upgraded shares of Alibaba Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 9th. Barclays raised their price target on shares of Alibaba Group from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Monday, September 8th. Wall Street Zen lowered shares of Alibaba Group from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Finally, Arete upgraded shares of Alibaba Group from a "neutral" rating to a "buy" rating and set a $152.00 price objective for the company in a report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $172.81.

Hedge Funds Weigh In On Alibaba Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Momentum Wealth Planning LLC purchased a new position in shares of Alibaba Group in the 2nd quarter worth about $421,000. Canal Capital Management LLC raised its stake in Alibaba Group by 4.2% in the 2nd quarter. Canal Capital Management LLC now owns 40,901 shares of the specialty retailer's stock valued at $4,639,000 after acquiring an additional 1,650 shares during the period. Centaurus Financial Inc. raised its stake in Alibaba Group by 4.7% in the 2nd quarter. Centaurus Financial Inc. now owns 2,103 shares of the specialty retailer's stock valued at $238,000 after acquiring an additional 94 shares during the period. Infini Capital Management Ltd raised its stake in Alibaba Group by 1,215,800.0% in the 2nd quarter. Infini Capital Management Ltd now owns 303,975 shares of the specialty retailer's stock valued at $34,474,000 after acquiring an additional 303,950 shares during the period. Finally, Orion Porfolio Solutions LLC raised its stake in Alibaba Group by 3.9% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 33,111 shares of the specialty retailer's stock valued at $3,755,000 after acquiring an additional 1,239 shares during the period. 13.47% of the stock is owned by hedge funds and other institutional investors.

Alibaba Group Stock Up 8.3%

The stock has a 50 day moving average of $130.96 and a 200-day moving average of $123.81. The firm has a market capitalization of $421.16 billion, a P/E ratio of 20.54, a PEG ratio of 2.02 and a beta of 0.11. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.45 and a current ratio of 1.45.

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.

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