Why Alibaba Stock Popped Today
Shares of Alibaba (NYSE: BABA) were moving higher today after the Chinese government concluded its investigation into Ant Group, its fintech arm, with a $984 million fine. Alibaba also announced some new artificial intelligence (AI) products this morning, though the Ant Group resolution seemed to be the major reason for the stock's gains.
As of 12:02 p.m. ET, the stock was up 7.9%.
Chinese officials this morning announced a $984 million fine, ending an investigation that began in late 2020 when the government blocked its initial public offering (IPO), kicking off a widespread crackdown on Chinese tech companies and a massive sell-off in the Chinese tech sector.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€74.50
-0.130%
With 48 Buy predictions and 3 Sell predictions Alibaba Group Holding Ltd ADR is one of the favorites of our community.
As a result the target price of 105 € shows a positive potential of 40.94% compared to the current price of 74.5 € for Alibaba Group Holding Ltd ADR.
