As published in a research note from Macquarie on February 08, 2024, Alibaba Group Holding Ltd ADR [BABA] has been rated down from an Outperform to a Neutral and the price target has been revised to $85.40 from $88.50. Analysts at Mizuho resumed the stock at ‘”a Buy”‘ outlook in a report released in mid January. As of December 01, 2023, Morgan Stanley has decreased its “an Overweight” rating to a “an Equal-weight” for BABA.
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Analyzing BABA Stock Performance
During the last five days, there has been a drop of approximately -3.49%. Over the course of the year, Alibaba Group Holding Ltd ADR shares have dropped approximately -7.64%. Shares of the company reached a 52-week high of $78.34 on 02/06/24 and a 52-week low of $66.63 on 01/22/24. A 50-day SMA is recorded $73.35, while a 200-day SMA reached $82.00. Nevertheless, trading volume fell to 13.22 million shares from 10.88 million shares the previous day.
Support And Resistance Levels for Alibaba Group Holding Ltd ADR (BABA)
According to the 24-hour chart, there is a support level at 70.88, which, if violated, would cause prices to drop to 70.18. In the upper region, resistance lies at 71.99. The next price resistance is at 72.40. RSI (Relative Strength Index) is 42.22 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.01, which suggests the price will decrease in the coming days. Percent R is at 85.33%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Alibaba Group Holding Ltd ADR subject to short interest?
Stocks of Alibaba Group Holding Ltd ADR saw a sharp rise in short interest on Feb 29, 2024 jumping by 6.56 million shares to 47.52 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 40.96 million shares. A jump of 13.8% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.42 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.42.
