Alibaba Group (NYSE:BABA) Stock Price Down 2.9% Following Analyst Downgrade

Alibaba Group Holding Limited (NYSE:BABA)’s share price was down 2.9% during mid-day trading on Tuesday after Truist Financial lowered their price target on the stock from $114.00 to $113.00. Truist Financial currently has a buy rating on the stock. Alibaba Group traded as low as $78.82 and last traded at $79.18. Approximately 6,768,658 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 17,808,041 shares. The stock had previously closed at $81.55.

Several other brokerages have also commented on BABA. Citigroup cut their target price on Alibaba Group from $126.00 to $124.00 and set a “buy” rating on the stock in a research report on Wednesday, April 10th. Susquehanna lowered their price objective on shares of Alibaba Group from $150.00 to $135.00 and set a “positive” rating for the company in a research note on Thursday, February 8th. Macquarie lowered shares of Alibaba Group from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $88.50 to $85.40 in a research note on Thursday, February 8th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $85.00 price target on shares of Alibaba Group in a research note on Tuesday, April 9th. Finally, StockNews.com raised shares of Alibaba Group from a “hold” rating to a “buy” rating in a research report on Tuesday, February 27th. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $112.49.

Hedge Funds Weigh In On Alibaba Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Princeton Global Asset Management LLC bought a new position in Alibaba Group in the 3rd quarter worth approximately $26,000. Baystate Wealth Management LLC grew its holdings in shares of Alibaba Group by 184.6% during the fourth quarter. Baystate Wealth Management LLC now owns 333 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 216 shares in the last quarter. EdgeRock Capital LLC bought a new stake in Alibaba Group during the fourth quarter valued at approximately $26,000. First Command Advisory Services Inc. purchased a new stake in shares of Alibaba Group during the 3rd quarter valued at $30,000. Finally, Milestone Investment Advisors LLC purchased a new position in shares of Alibaba Group in the 3rd quarter worth about $31,000. 13.47% of the stock is owned by hedge funds and other institutional investors.

Alibaba Group Trading Down 2.7 %

The company has a market capitalization of $201.43 billion, a PE ratio of 14.65 and a beta of 0.44. 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 stock has a fifty day moving average of $73.60 and a two-hundred day moving average of $75.11.

Alibaba Group (NYSE:BABA) last released its quarterly earnings data on Wednesday, February 7th. The specialty retailer reported $18.97 EPS for the quarter, missing the consensus estimate of $19.12 by ($0.15). The company had revenue of $260.35 billion during the quarter, compared to analysts’ expectations of $260.26 billion. Alibaba Group had a return on equity of 12.65% and a net margin of 10.75%. During the same quarter in the prior year, the firm posted $2.44 EPS. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Alibaba Group Holding Limited will post 7.54 earnings per share for the current fiscal year.

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.