Why Shares of Alibaba Soared 27.4% In July
Shares of (NYSE: BABA) rose 27.4% in July, according to data from S&P Global Market Intelligence. The technology giant in China did not report earnings last month, but investors enjoyed a massive turnaround in its share price due to growing demand for its cloud computing services and the success of artificial intelligence (AI) models emerging from the country.
As of the close on August 6, Alibaba shares are down around 19% this year. Here's why it rose in July and whether it is a buy right now.
Like its peer from the United States, Alibaba is known for its e-commerce platform, and has pivoted to the fast-growing cloud computing market with great success. It is the leading cloud provider by market share in the Asia Pacific region, with revenue growing 38% year-over-year to $6 billion last quarter.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
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As a result the target price of 164 € shows a positive potential of 42.86% compared to the current price of 114.8 € for Alibaba Group Holding Ltd ADR.
