Altaba Inc (AABA) Sees Significant Growth in Short Interest

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Altaba Inc (NASDAQ:AABA) was the target of a large increase in short interest in January. As of January 31st, there was short interest totalling 21,216,265 shares, an increase of 9.3% from the January 15th total of 19,409,948 shares. Based on an average daily trading volume, of 7,455,377 shares, the days-to-cover ratio is presently 2.8 days. Currently, 3.9% of the company’s stock are short sold.

Shares of AABA traded down $0.02 during trading hours on Monday, hitting $68.50. 2,915,578 shares of the stock traded hands, compared to its average volume of 7,267,599. Altaba has a 1-year low of $54.75 and a 1-year high of $82.45.

Several institutional investors and hedge funds have recently modified their holdings of the company. Baupost Group LLC MA acquired a new stake in shares of Altaba during the third quarter worth about $191,470,000. Alpine Global Management LLC bought a new position in Altaba in the third quarter valued at approximately $68,120,000. FIL Ltd grew its stake in Altaba by 85.0% in the third quarter. FIL Ltd now owns 2,036,808 shares of the company’s stock valued at $138,747,000 after purchasing an additional 935,768 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Altaba by 20.2% in the fourth quarter. Canada Pension Plan Investment Board now owns 5,230,000 shares of the company’s stock valued at $303,003,000 after purchasing an additional 880,000 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its stake in Altaba by 163.5% in the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 1,128,150 shares of the company’s stock valued at $76,850,000 after purchasing an additional 700,000 shares in the last quarter. 71.49% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have recently commented on the company. BidaskClub upgraded Altaba from a “sell” rating to a “hold” rating in a report on Friday, November 16th. JPMorgan Chase & Co. lowered their price target on Altaba to $80.00 and set an “overweight” rating on the stock in a research report on Monday, November 5th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $93.42.

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About Altaba

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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