Sunbelt Securities Inc. Cuts Holdings in Alibaba Group Holding Limited (NYSE:BABA)

Posted by Defense World Staff on Mar 16th, 2023

Sunbelt Securities Inc. reduced its position in Alibaba Group Holding Limited (NYSE:BABA – Get Rating) by 32.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,106 shares of the specialty retailer’s stock after selling 6,170 shares during the quarter. Sunbelt Securities Inc.’s holdings in Alibaba Group were worth $1,048,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in BABA. New Millennium Group LLC purchased a new position in Alibaba Group in the second quarter valued at about $25,000. Desjardins Global Asset Management Inc. purchased a new position in Alibaba Group in the second quarter valued at about $38,000. Fairfield Bush & CO. purchased a new position in Alibaba Group in the first quarter valued at about $53,000. Sargent Bickham Lagudis LLC raised its position in Alibaba Group by 183.5% in the third quarter. Sargent Bickham Lagudis LLC now owns 516 shares of the specialty retailer’s stock valued at $41,000 after purchasing an additional 334 shares during the period. Finally, WCG Wealth Advisors LLC acquired a new stake in shares of Alibaba Group during the second quarter valued at about $402,000. 13.86% of the stock is owned by hedge funds and other institutional investors.

Alibaba Group Stock Performance

Shares of NYSE BABA opened at $81.51 on Thursday. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.13. The firm’s 50-day moving average price is $103.12 and its two-hundred day moving average price is $89.20. Alibaba Group Holding Limited has a 52-week low of $58.01 and a 52-week high of $125.84. The stock has a market capitalization of $215.85 billion, a P/E ratio of 44.79, a P/E/G ratio of 1.06 and a beta of 0.63.

Analyst Ratings Changes

Several brokerages have recently weighed in on BABA. KGI Securities upgraded Alibaba Group from a “neutral” rating to an “outperform” rating in a research note on Friday, February 24th. Benchmark lowered their target price on Alibaba Group from $206.00 to $180.00 and set a “buy” rating for the company in a research note on Friday, November 18th. Citigroup raised their target price on Alibaba Group from $144.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, January 10th. Barclays raised their target price on Alibaba Group from $114.00 to $141.00 and gave the company an “overweight” rating in a research note on Wednesday, January 11th. Finally, HSBC lowered their target price on Alibaba Group from $132.00 to $124.00 and set a “buy” rating for the company in a research note on Friday, November 18th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Alibaba Group currently has an average rating of “Buy” and a consensus price target of $148.13.

Alibaba Group Company Profile

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Alibaba Group Holding Ltd. engages in providing technology infrastructure and marketing reach. It operates through the following business segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others segments.