What is Alibaba?
Alibaba stock news for investors
Investors have piled on Alibaba stock as its payments affiliate Ant Group gears up for what could be a record-breaking IPO. Alibaba owns a substantial stake in Ant Group. The IPO is certainly positive for the Chinese e-commerce and cloud powerhouse. Many U.S. investors see Alibaba stock as a window into the Ant Group IPO, which is taking place in China.
Investors have been seeking out Alibaba stock amid the COVID-19 pandemic. So far in 2020, many people have shifted to online shopping in China and around the world. Alibaba has been expanding to China’s smaller cities more rapidly since the COVID-19 pandemic started. Alibaba has also seen more demand for its e-commerce service overseas. The company has tapped Atlas Air to help it deliver packages to customers in South America quickly.
Ant Financial IPO date delayed
Ant has been able to convince 10 million people who use its Alipay service to invest about $9 billion in its IPO through mutual funds. However, Ant’s arrangement with mutual funds that benefit Alipay users seems to bother Chinese authorities. The authorities are probing the arrangement for conflict of interest, which has delayed regulatory approval of the Ant IPO, according to Reuters.
What is Alibaba's stock price today?
Recently, Alibaba stock hit several milestones. The stock rose 0.80 percent in regular trading on Oct. 13 and finished at $308.78, which set a new all-time high. The stock traded in the $303.03–$310.01 range. Alibaba stock is up 45 percent in 2020. The stock has gained 80 percent over the past year.
Alibaba stock afterhours
Trading in Alibaba stock continued into the after-hours session on Oct. 13. Investors continued to show more interest in owning Alibaba stock during the extended session. The stock jumped 0.10 percent in after-hours trading and wrapped up at $309.10, which was another record high.
Alibaba's stock forecast
What does the future look like for Alibaba stock? The most bullish analyst sees nearly a 30 percent upside potential in Alibaba stock to $390 in 12 months. If the momentum in Alibaba stock continues, some think that a $480 price is within reach by the end of 2021. However, the most bearish analyst sees a 15 percent downside potential in Alibaba stock to $262. Wall Street's consensus is that investors should be buying Alibaba stock now.