As this happened, Macquarie downgraded its Alibaba Group Holding Ltd ADR [BABA] rating to a Neutral from a an Outperform in a research note published on February 08, 2024; the price target was decreased to $85.40 from $88.50. A number of analysts have revised their coverage, including Mizuho’s analysts, who remained covering the stock and in mid January has reiterated a ‘”a Buy”‘ rating for it. Morgan Stanley also remained covering BABA and has decreased its forecast on December 01, 2023 with a “an Equal-weight” recommendation from previously “an Overweight” rating.
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Price Performance Review of BABA
On Tuesday, Alibaba Group Holding Ltd ADR [NYSE:BABA] saw its stock jump 6.24% to $112.74. Over the last five days, the stock has gained 16.00%. Alibaba Group Holding Ltd ADR shares have risen nearly 46.69% since the year began. Nevertheless, the stocks have risen 31.08% over the past one year. While a 52-week high of $112.22 was reached on 10/01/24, a 52-week low of $66.07 was recorded on 01/22/24. SMA at 50 days reached $84.16, while 200 days put it at $77.38.
Levels Of Support And Resistance For BABA Stock
The 24-hour chart illustrates a support level at 108.33, which if violated will result in even more drops to 103.92. On the upside, there is a resistance level at 114.97. A further resistance level may holdings at 117.20. The Relative Strength Index (RSI) on the 14-day chart is 83.00, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 14.90, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 0.17%. Stochastics %K at 90.30% indicates the stock is a selling.
How much short interest is there in Alibaba Group Holding Ltd ADR?
A steep rise in short interest was recorded in Alibaba Group Holding Ltd ADR stocks on 2024-09-13, growing by 6.52 million shares to a total of 62.72 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-15 was 56.2 million shares. There was a rise of 10.4%, which implies that there is a positive sentiment for the stock.
