Alibaba Group (NYSE:BABA) Shares Gap Up to $80.04

Alibaba Group Holding Limited (NYSE:BABA - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $80.04, but opened at $82.71. Alibaba Group shares last traded at $84.45, with a volume of 8,936,916 shares.

Analysts Set New Price Targets

BABA has been the topic of several research analyst reports. StockNews.com raised shares of Alibaba Group from a "hold" rating to a "buy" rating in a report on Tuesday, February 27th. Morgan Stanley reiterated an "equal weight" rating and set a $85.00 target price on shares of Alibaba Group in a research note on Tuesday, April 9th. Macquarie downgraded Alibaba Group from an "outperform" rating to a "neutral" rating and reduced their price target for the company from $88.50 to $85.40 in a research note on Thursday, February 8th. Truist Financial dropped their target price on Alibaba Group from $114.00 to $113.00 and set a "buy" rating for the company in a report on Tuesday, May 7th. Finally, Susquehanna reduced their target price on shares of Alibaba Group from $150.00 to $135.00 and set a "positive" rating for the company in a research report on Thursday, February 8th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $112.49.

Alibaba Group Stock Performance

The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.12. The company has a market cap of $214.65 billion, a P/E ratio of 15.61 and a beta of 0.44. The company has a 50 day moving average price of $73.90 and a 200-day moving average price of $75.06.

Hedge Funds Weigh In On Alibaba Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in BABA. Discerene Group LP boosted its stake in shares of Alibaba Group by 21.2% during the first quarter. Discerene Group LP now owns 3,021,375 shares of the specialty retailer's stock valued at $218,627,000 after purchasing an additional 529,237 shares in the last quarter. Cedar Wealth Management LLC boosted its position in Alibaba Group by 10,524.4% during the 1st quarter. Cedar Wealth Management LLC now owns 9,562 shares of the specialty retailer's stock worth $692,000 after buying an additional 9,472 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in Alibaba Group by 44.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 65,670 shares of the specialty retailer's stock worth $4,752,000 after acquiring an additional 20,163 shares during the last quarter. Trustmark National Bank Trust Department increased its position in Alibaba Group by 170.3% in the 1st quarter. Trustmark National Bank Trust Department now owns 62,934 shares of the specialty retailer's stock valued at $4,554,000 after acquiring an additional 39,650 shares during the period. Finally, Beaumont Financial Advisors LLC bought a new position in shares of Alibaba Group during the first quarter valued at $5,788,000. Institutional investors own 13.47% of the company's stock.

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.