Why Alibaba Stock Was Riding Higher on Wednesday
Chinese e-commerce giant Alibaba Group (NYSE: BABA) was standing tall on the stock market Wednesday. Fueled by a successful round of capital-raising, the company's U.S.-traded American depositary shares (ADSes) were rising by nearly 3% in late-session action. That was easily outpacing the S 500 index's gain of 0.2% at that point.
Alibaba announced that it has completed a roughly $3.2 billion flotation of zero coupon convertible senior notes. The purchasers were "certain non-U.S. persons," it did not identify.
Image source: Getty Images.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€111.60
2.200%
The stock is an absolute favorite of our community with 44 Buy predictions and no Sell predictions.
With a target price of 161 € there is a positive potential of 44.27% for Alibaba Group Holding Ltd ADR compared to the current price of 111.6 €.
