Alibaba Group (NYSE:BABA) Trading 6.7% Higher - Here's What Happened

Shares of Alibaba Group Holding Limited (NYSE:BABA - Get Free Report) shot up 6.7% during trading on Wednesday . The company traded as high as $138.67 and last traded at $138.52. 14,498,688 shares were traded during mid-day trading, a decline of 21% from the average session volume of 18,393,104 shares. The stock had previously closed at $129.85.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BABA. Mizuho increased their price target on shares of Alibaba Group from $92.00 to $113.00 and gave the company an "outperform" rating in a research note on Tuesday, November 12th. Arete Research upgraded shares of Alibaba Group to a "strong-buy" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. increased their price target on shares of Alibaba Group from $125.00 to $170.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Sanford C. Bernstein upgraded shares of Alibaba Group from a "market perform" rating to an "outperform" rating and increased their price target for the company from $104.00 to $165.00 in a research note on Tuesday, February 25th. Finally, Benchmark increased their price target on shares of Alibaba Group from $118.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Fifteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Alibaba Group currently has a consensus rating of "Buy" and a consensus target price of $144.07.

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Alibaba Group Trading Up 0.5 %

The firm has a market capitalization of $334.04 billion, a P/E ratio of 20.32, a price-to-earnings-growth ratio of 0.61 and a beta of 0.28. The business's 50-day moving average is $105.46 and its 200 day moving average is $96.81. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 1.48.

Alibaba Group (NYSE:BABA - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The specialty retailer reported $2.77 EPS for the quarter, missing analysts' consensus estimates of $2.84 by ($0.07). Alibaba Group had a return on equity of 12.89% and a net margin of 12.29%. The business had revenue of $38.38 billion for the quarter, compared to the consensus estimate of $38.19 billion. As a group, analysts anticipate that Alibaba Group Holding Limited will post 7.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Alibaba Group

Several hedge funds have recently bought and sold shares of BABA. Concurrent Investment Advisors LLC increased its holdings in Alibaba Group by 4.6% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 8,019 shares of the specialty retailer's stock valued at $851,000 after buying an additional 354 shares during the period. Principal Financial Group Inc. increased its holdings in Alibaba Group by 6.2% in the 3rd quarter. Principal Financial Group Inc. now owns 52,563 shares of the specialty retailer's stock valued at $5,578,000 after buying an additional 3,046 shares during the period. Portside Wealth Group LLC bought a new position in Alibaba Group in the 3rd quarter valued at about $312,000. Confluence Investment Management LLC bought a new position in Alibaba Group in the 3rd quarter valued at about $214,000. Finally, TFB Advisors LLC bought a new position in Alibaba Group in the 3rd quarter valued at about $427,000. 13.47% of the stock is owned by institutional investors.

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.