Investors Buy Yahoo! Inc. (AABA) on Weakness
Investors bought shares of Yahoo! Inc. (NASDAQ:AABA) on weakness during trading on Wednesday. $72.23 million flowed into the stock on the tick-up and $30.56 million flowed out of the stock on the tick-down, for a money net flow of $41.67 million into the stock. Of all stocks tracked, Yahoo! had the 14th highest net in-flow for the day. Yahoo! traded down ($0.15) for the day and closed at $67.66
Several equities research analysts have recently commented on AABA shares. MKM Partners lifted their price objective on shares of Yahoo! from $62.00 to $76.00 and gave the stock a “buy” rating in a research note on Sunday, September 3rd. UBS AG reiterated a “buy” rating on shares of Yahoo! in a research note on Monday, July 17th. Zacks Investment Research upgraded shares of Yahoo! from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Wednesday, July 12th. BidaskClub downgraded shares of Yahoo! from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Finally, B. Riley dropped coverage on shares of Yahoo! in a research note on Wednesday, June 14th. Thirteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $51.48.
The company’s market cap is $64.90 billion. The stock’s 50 day moving average is $65.10 and its 200 day moving average is $55.35.
Yahoo! declared that its Board of Directors has initiated a share buyback plan on Monday, July 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
Several institutional investors and hedge funds have recently made changes to their positions in AABA. Congress Asset Management Co. MA purchased a new position in shares of Yahoo! in the 2nd quarter valued at about $300,000. Towerview LLC purchased a new position in shares of Yahoo! in the 2nd quarter valued at about $9,534,000. IFP Advisors Inc purchased a new position in shares of Yahoo! in the 2nd quarter valued at about $350,000. Rhumbline Advisers purchased a new position in shares of Yahoo! in the 2nd quarter valued at about $3,364,000. Finally, SG Americas Securities LLC purchased a new position in shares of Yahoo! in the 2nd quarter valued at about $221,000. Institutional investors and hedge funds own 78.62% of the company’s stock.
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Altaba Inc (the Fund), formerly Yahoo! Inc, is a non-diversified, closed-end management investment company. The Fund seeks to track the combined investment return of the Alibaba Shares and the Yahoo Japan Shares it owns. Alibaba Shares represent an approximate 15% equity interest in Alibaba Group Holding Limited (Alibaba), and its Yahoo Japan Corporation ((Yahoo Japa) Shares represent an approximate 36% equity interest in Yahoo Japan.
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