Yahoo! Inc. (NASDAQ:AABA) Sees Significant Increase in Short Interest
Yahoo! Inc. (NASDAQ:AABA) was the target of a significant growth in short interest in July. As of July 31st, there was short interest totalling 21,599,325 shares, a growth of 15.4% from the July 14th total of 18,714,042 shares. Based on an average daily trading volume, of 6,698,939 shares, the days-to-cover ratio is presently 3.2 days. Approximately 2.4% of the shares of the stock are short sold.
A number of research firms have recently issued reports on AABA. UBS Group AG reaffirmed a “buy” rating on shares of Yahoo! in a report on Monday, July 17th. Zacks Investment Research raised shares of Yahoo! from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Wednesday, July 12th. Oppenheimer Holdings, Inc. assumed coverage on shares of Yahoo! in a research report on Thursday, July 6th. They set an “outperform” rating and a $75.00 price target on the stock. J P Morgan Chase & Co assumed coverage on shares of Yahoo! in a research report on Wednesday, June 28th. They set an “overweight” rating on the stock. Finally, B. Riley dropped coverage on shares of Yahoo! in a research report on Tuesday, June 20th. Fourteen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $50.50.
Several hedge funds have recently made changes to their positions in the stock. Cowen Prime Services LLC bought a new stake in shares of Yahoo! during the second quarter valued at approximately $183,000. Parallel Advisors LLC bought a new stake in shares of Yahoo! during the second quarter valued at approximately $208,000. SG Americas Securities LLC bought a new stake in shares of Yahoo! during the second quarter valued at approximately $221,000. Fernwood Investment Management LLC bought a new stake in shares of Yahoo! during the second quarter valued at approximately $223,000. Finally, Congress Asset Management Co. MA bought a new stake in shares of Yahoo! during the second quarter valued at approximately $300,000. Institutional investors and hedge funds own 82.44% of the company’s stock.
Yahoo! (AABA) opened at 58.03 on Friday. The stock has a 50 day moving average price of $56.94 and a 200-day moving average price of $50.01. The stock’s market cap is $55.66 billion. Yahoo! has a 12 month low of $38.24 and a 12 month high of $60.44.
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Altaba Inc (the Fund), formerly Yahoo! Inc, is a non-diversified, closed-end management investment company. The Fund seeks to track the combined investment return of the Alibaba Shares and the Yahoo Japan Shares it owns. Alibaba Shares represent an approximate 15% equity interest in Alibaba Group Holding Limited (Alibaba), and its Yahoo Japan Corporation ((Yahoo Japa) Shares represent an approximate 36% equity interest in Yahoo Japan.
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