Patient Capital Management LLC has reduced its stake in Alibaba Group Holding Limited (NYSE: BABA) by 1.9% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the fund now holds 489,677 shares of the Chinese multinational conglomerate after selling 9,433 shares in the period.
Alibaba Group represents 3.5% of Patient Capital Management’s investment portfolio, making it the firm’s 11th largest holding. As of the latest disclosure, the value of its Alibaba shares stands at approximately $87,520,000.
Several other institutional investors have also adjusted their positions in Alibaba. Traphagen Investment Advisors LLC increased its holdings by 2.0%, now owning 3,018 shares valued at $539,000 after acquiring an additional 59 shares. Richardson Financial Services Inc. significantly boosted its stake by 34.4%, bringing its total to 254 shares worth $45,000 following the purchase of 65 more shares.
Additionally, Evolution Wealth Advisors LLC raised its position by 1.5%, now holding 5,094 shares valued at $910,000 after acquiring 74 shares during the quarter. Cary Street Partners Financial LLC grew its holdings by 1.8% earlier in the second quarter, owning 4,757 shares valued at $539,000. Wilmington Savings Fund Society FSB also increased its stake by 10.4%, now owning 921 shares worth $165,000 after buying 87 additional shares. Currently, hedge funds and institutional investors collectively hold 13.47% of Alibaba’s stock.
Analysts Provide Mixed Outlook
Equities research analysts have recently provided insights into Alibaba’s stock performance. Arete Research set a price objective of $190.00 in a report released on Tuesday. Barclays adjusted its target price to $195.00, maintaining an “overweight” rating as of November 26. Mizuho echoed a similar sentiment, also setting a target price of $195.00.
Conversely, Freedom Capital downgraded the stock from a “strong-buy” to a “hold” rating in early January. Rosenblatt Securities reaffirmed a price objective of $195.00 in their analysis. Overall, 17 investment analysts currently rate the stock as a Buy, while three have issued a Hold rating, and one has recommended selling. According to data from MarketBeat, Alibaba holds an average rating of “Moderate Buy” with an average target price of $191.63.
Current Stock Performance
As of Wednesday, shares of Alibaba Group opened at $162.15. The company boasts a market capitalization of $387.13 billion, a price-to-earnings ratio of 22.40, a PEG ratio of 3.56, and a beta of 0.37. Alibaba’s quick and current ratios stand at 1.46, while its debt-to-equity ratio is 0.23. The stock has a 50-day simple moving average of $156.02 and a 200-day average of $148.93. Over the past year, Alibaba has seen a low of $84.42 and a high of $192.67.
About Alibaba Group
Founded in 1999 in Hangzhou, China, by Jack Ma and his co-founders, Alibaba Group Holding Limited has grown to become one of the largest e-commerce and technology companies globally. The company focuses on internet-based commerce and related services. Alibaba made a significant mark in the financial markets with its high-profile initial public offering on the New York Stock Exchange in 2014.
Alibaba operates multiple online marketplaces: Alibaba.com for business-to-business trade, Taobao for consumer-to-consumer shopping, and Tmall, which targets brand and retailer storefronts aimed at Chinese consumers.
Investors and analysts will continue to closely monitor Alibaba’s performance amidst shifting market dynamics and evolving strategies.
