Investors Sell Shares of Altaba (AABA) on Strength Following Analyst Downgrade

Traders sold shares of Altaba Inc (NASDAQ:AABA) on strength during trading on Thursday after MKM Partners lowered their price target on the stock to $115.00. $63.51 million flowed into the stock on the tick-up and $292.83 million flowed out of the stock on the tick-down, for a money net flow of $229.32 million out of the stock. Of all stocks tracked, Altaba had the 3rd highest net out-flow for the day. Altaba traded up $1.10 for the day and closed at $68.14

AABA has been the subject of a number of other research reports. BidaskClub upgraded Altaba from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 31st. Gabelli lowered Altaba from a “buy” rating to a “hold” rating in a research note on Wednesday, July 11th. Credit Suisse Group raised their price objective on Altaba from $80.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, July 10th. ValuEngine lowered Altaba from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised their price objective on Altaba from $90.00 to $91.00 and gave the company an “overweight” rating in a research note on Friday, June 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $95.25.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Newtyn Management LLC grew its stake in Altaba by 56.6% during the 2nd quarter. Newtyn Management LLC now owns 578,000 shares of the company’s stock valued at $42,315,000 after purchasing an additional 209,000 shares in the last quarter. Centaurus Financial Inc. lifted its holdings in Altaba by 56.7% during the 2nd quarter. Centaurus Financial Inc. now owns 4,669 shares of the company’s stock worth $342,000 after buying an additional 1,689 shares during the last quarter. Canyon Capital Advisors LLC lifted its holdings in Altaba by 0.8% during the 2nd quarter. Canyon Capital Advisors LLC now owns 43,603,522 shares of the company’s stock worth $3,192,214,000 after buying an additional 325,000 shares during the last quarter. Paulson & CO. Inc. lifted its holdings in Altaba by 6.6% during the 2nd quarter. Paulson & CO. Inc. now owns 1,827,341 shares of the company’s stock worth $133,780,000 after buying an additional 113,800 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in Altaba by 12.5% during the 2nd quarter. Marshall Wace LLP now owns 30,655 shares of the company’s stock worth $2,244,000 after buying an additional 3,418 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.

About Altaba (NASDAQ:AABA)

Altaba Inc operates as a non-diversified, closed-end management investment company in the United States. Its assets consist primarily of equity investments, short-term debt investments, and cash. The company was formerly known as Yahoo! Inc and changed its name to Altaba Inc in June 2017. Altaba Inc was founded in 1994 and is based in New York, New York.

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