Why Alibaba Rallied Today
Shares of Chinese tech giant (NYSE: BABA) rallied on Thursday, closing the day up 8%.
Alibaba has risen this year on the back of artificial intelligence (AI) enthusiasm, with a few positive recent announcements. Today, the company raised more money to put behind these efforts, with investors giving the increased spending a thumbs-up.
Today, Alibaba said in a filing that it was seeking to raise $3.2 billion in the form of a convertible bond. Alibaba noted it would use about 80% of the capital raise to strengthen its data center build-out, with the remaining 20% going to its international commerce efforts.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€119.80
0.670%
The stock is an absolute favorite of our community with 40 Buy predictions and no Sell predictions.
With a target price of 157 € there is a positive potential of 31.05% for Alibaba Group Holding Ltd ADR compared to the current price of 119.8 €.
