Why Alibaba Stock Jumped 16% in March
Shares of Alibaba (NYSE: BABA) were moving higher last month after the Chinese tech giant announced a plan to break up the company.
That decision comes after the stock has swooned in the face of COVID-19 lockdowns, sluggish growth, and a crackdown by the Chinese government after founder Jack Ma made critical remarks about Beijing finance ministers.
According to S&P Global Market Intelligence, the stock finished the month up 16%. As you can see from the chart below, those gains came entirely at the end of the month after Alibaba announced the breakup news.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€74.90
0.270%
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 positive potential of 45.53% for Alibaba Group Holding Ltd ADR compared to the current price of 74.9 €.
