Why Alibaba Stock Fell 12% in 2023
Alibaba (NYSE: BABA), the Chinese e-commerce giant, continued to struggle in 2023 as a hoped-for recovery in the Chinese economy failed to materialize, the company continued to lose market share to PDD Holdings, and a plan to spin off its non-core businesses took a step back due to new U.S. chip export restrictions.
As a result, the stock finished the year down 12%, according to data from S&P Global Market Intelligence.
As you can see from the chart below, the stock got out to a strong start before giving up those gains and slumping over the rest of the year.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
The stock is one of the favorites of our community with 41 Buy predictions and 2 Sell predictions.
With a target price of 109 € there is a positive potential of 49.73% for Alibaba Group Holding Ltd ADR compared to the current price of 72.8 €.