SteelPeak Wealth LLC Purchases New Position in Alibaba Group Holding Limited $BABA

Key Points

• SteelPeak Wealth LLC acquired a new position in Alibaba Group, purchasing 7,269 shares valued at approximately $838,000 during the 2nd quarter.
• Multiple hedge funds have recently modified their holdings in Alibaba, with institutional investors owning 13.47% of the company's stock.
• Analysts are generally bullish on Alibaba, with the stock receiving a consensus rating of "Buy" and a consensus price target of $184.19, reflecting increased confidence from various investment firms.

SteelPeak Wealth LLC bought a new position in shares of Alibaba Group Holding Limited (NYSE:BABA - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 7,269 shares of the specialty retailer's stock, valued at approximately $838,000.

Other hedge funds have also recently modified their holdings of the company. 1248 Management LLC bought a new position in shares of Alibaba Group during the 1st quarter worth approximately $26,000. North Ridge Wealth Advisors Inc. bought a new position in shares of Alibaba Group during the 1st quarter worth approximately $26,000. Summit Securities Group LLC lifted 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 buying an additional 59,000 shares in the last quarter. Ransom Advisory Ltd bought a new position in shares of Alibaba Group during the 1st quarter worth approximately $26,000. Finally, Hazlett Burt & Watson Inc. lifted its position in shares of Alibaba Group by 1,960.0% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 206 shares of the specialty retailer's stock worth $27,000 after buying an additional 196 shares in the last quarter. Institutional investors own 13.47% of the company's stock.

Wall Street Analysts Forecast Growth

BABA has been the topic of several recent analyst reports. Zacks Research raised shares of Alibaba Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 9th. Benchmark lifted their price target on shares of Alibaba Group from $176.00 to $195.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. 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 report on Thursday, September 18th. Arete raised shares of Alibaba Group from a "neutral" rating to a "buy" rating and set a $152.00 price target on the stock in a report on Wednesday, September 3rd. Finally, Bank of America lifted their price target on shares of Alibaba Group from $168.00 to $195.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $184.19.

Alibaba Group Stock Down 0.1%

Alibaba Group stock opened at $181.15 on Thursday. Alibaba Group Holding Limited has a 1-year low of $80.06 and a 1-year high of $192.67. The firm has a market capitalization of $431.88 billion, a price-to-earnings ratio of 21.06, a P/E/G ratio of 2.14 and a beta of 0.18. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.19. The firm has a 50 day simple moving average of $144.47 and a 200 day simple moving average of $127.08.

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.

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