Alibaba Group (NYSE:BABA) Trading Up 2.3% - Here's Why

Alibaba Group Holding Limited (NYSE:BABA - Get Free Report) traded up 2.3% during mid-day trading on Friday . The stock traded as high as $103.36 and last traded at $102.39. 8,654,466 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 17,872,826 shares. The stock had previously closed at $100.07.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Bank of America upped their price objective on shares of Alibaba Group from $106.00 to $124.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Morgan Stanley reiterated an "equal weight" rating and set a $90.00 target price on shares of Alibaba Group in a research note on Friday, August 23rd. Truist Financial decreased their target price on shares of Alibaba Group from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, August 16th. Barclays increased their target price on shares of Alibaba Group from $107.00 to $137.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Loop Capital reiterated a "buy" rating and set a $115.00 target price on shares of Alibaba Group in a research note on Thursday, August 29th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Alibaba Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.63.

Alibaba Group Stock Performance

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $259.87 billion, a PE ratio of 23.87, a PEG ratio of 0.55 and a beta of 0.35. The stock's fifty day simple moving average is $91.85 and its 200-day simple moving average is $81.97.

Alibaba Group (NYSE:BABA - Get Free Report) last issued its quarterly earnings data on Thursday, August 15th. The specialty retailer reported $16.44 earnings per share for the quarter, topping 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 business had revenue of $243.24 billion during the quarter, compared to analysts' expectations of $248.32 billion. During the same period last year, the company posted $2.47 EPS. The company's revenue was up 3.9% on a year-over-year basis. On average, research analysts predict that Alibaba Group Holding Limited will post 7.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BABA. First Command Advisory Services Inc. acquired a new stake in Alibaba Group during the second quarter worth approximately $25,000. GPS Wealth Strategies Group LLC boosted its position in Alibaba Group by 139.3% during the second quarter. GPS Wealth Strategies Group LLC now owns 359 shares of the specialty retailer's stock worth $26,000 after acquiring an additional 209 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Alibaba Group during the second quarter worth approximately $27,000. Register Financial Advisors LLC acquired a new stake in Alibaba Group during the first quarter worth approximately $31,000. Finally, Asset Dedication LLC boosted its position in Alibaba Group by 315.0% during the second quarter. Asset Dedication LLC now owns 527 shares of the specialty retailer's stock worth $38,000 after acquiring an additional 400 shares during the last quarter. 13.47% of the stock is owned by hedge funds and other institutional investors.

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.