This Fast-Growing Company Just Repurchased $4.8 Billion in Shares -- Its Second-Biggest Quarterly Buyback Ever. Should Investors Jump on the Stock?
Alibaba (NYSE: BABA) announced on April 2 that it made $4.8 billion in share repurchases in the first quarter of 2024, the second-largest quarterly share buyback in its history. This is likely a down payment on the $25 billion increase in the share buyback program revealed in its fourth-quarter 2023 earnings announcement in February.
However, the market's reaction to this news was tepid, and as of this writing, the stock has fallen on the news. This continues Alibaba's struggles, a stock that has suffered a net loss since its initial public offering (IPO) in 2014. Knowing its history, is the share repurchase the move the Chinese e-commerce retailer and cloud service provider needs to inspire a recovery, or should investors remain on the sidelines?
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
The stock is one of the favorites of our community with 42 Buy predictions and 2 Sell predictions.
With a target price of 109 € there is a hugely positive potential of 55.94% for Alibaba Group Holding Ltd ADR compared to the current price of 69.9 €.
