Granite Bay Wealth Management LLC Makes New $6.19 Million Investment in Alibaba Group Holding Limited (NYSE:BABA)

Granite Bay Wealth Management LLC acquired a new position in shares of Alibaba Group Holding Limited (NYSE:BABA) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 79,104 shares of the specialty retailer’s stock, valued at approximately $6,185,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. ICA Group Wealth Management LLC grew its holdings in shares of Alibaba Group by 14.6% during the 2nd quarter. ICA Group Wealth Management LLC now owns 1,004 shares of the specialty retailer’s stock worth $72,000 after purchasing an additional 128 shares during the period. North Star Investment Management Corp. boosted its position in shares of Alibaba Group by 11.2% in the first quarter. North Star Investment Management Corp. now owns 1,533 shares of the specialty retailer’s stock worth $111,000 after buying an additional 154 shares during the period. EPIQ Capital Group LLC grew its stake in shares of Alibaba Group by 0.3% in the second quarter. EPIQ Capital Group LLC now owns 46,091 shares of the specialty retailer’s stock valued at $3,396,000 after buying an additional 157 shares in the last quarter. Evolution Wealth Advisors LLC raised its stake in shares of Alibaba Group by 4.1% during the second quarter. Evolution Wealth Advisors LLC now owns 4,004 shares of the specialty retailer’s stock valued at $288,000 after purchasing an additional 158 shares during the period. Finally, WNY Asset Management LLC increased its stake in Alibaba Group by 2.8% during the 1st quarter. WNY Asset Management LLC now owns 6,022 shares of the specialty retailer’s stock worth $436,000 after buying an additional 164 shares during the period. 13.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BABA has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price objective on Alibaba Group from $100.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, August 16th. Susquehanna cut their price target on Alibaba Group from $135.00 to $130.00 and set a “positive” rating on the stock in a report on Monday, August 19th. Morgan Stanley reiterated an “equal weight” rating and issued a $90.00 price objective on shares of Alibaba Group in a research report on Friday, August 23rd. Truist Financial reduced their price target on Alibaba Group from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $115.00 price target on shares of Alibaba Group in a research note on Thursday, August 29th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Alibaba Group has a consensus rating of “Moderate Buy” and a consensus price target of $107.61.

Alibaba Group Trading Down 1.1 %

NYSE BABA opened at $106.14 on Tuesday. Alibaba Group Holding Limited has a twelve month low of $66.63 and a twelve month high of $112.22. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.41 and a current ratio of 1.41. The stock has a market cap of $269.33 billion, a price-to-earnings ratio of 24.74, a PEG ratio of 0.46 and a beta of 0.33. The firm’s 50 day moving average price is $83.57 and its two-hundred day moving average price is $78.74.

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