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
€112.80
0.890%
The stock is an absolute favorite of our community with 47 Buy predictions and no Sell predictions.
With a target price of 164 € there is a positive potential of 45.39% for Alibaba Group Holding Ltd ADR compared to the current price of 112.8 €.
