Market News

Daily Journal Almost Doubles Stake in Alibaba — Report

According to a report published by Reuters, Los Angeles-based publishing firm Daily Journal Corp. (DJCO) has increased its stake in Chinese e-commerce giant Alibaba Group Holding Ltd. (BABA) by almost two-fold.

Daily Journal raised its stake in Alibaba by 99.3% to 602,060 sponsored American Depository Shares as of December 31, 2021, worth around $72 million as of January 4, 2022.

About Alibaba

Apart from e-commerce, Alibaba also offers retail, Internet, and technology services. It provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals. Further, it offers electronic payment services, shopping search engines and cloud computing services.

Shares of the company were trading over 2% up in the pre-market session on Thursday.

Wall Street’s Take

Last month, Daiwa analyst John Choi reiterated a Buy rating on the stock but lowered the price target to $170 from $195 (40.3% upside potential).

Choi said, “Rising competition, uncertainty over user retention over the long run and investor concerns regarding Alibaba’s cash burn in new businesses are likely to persist despite better financial disclosure.”

Additionally, Elinor Leung, an analyst with CLSA, maintained a Buy rating on Alibaba with a $250 price target, implying 106.3% upside potential.

Leung said, “AliCloud enjoys unparalleled competitive advantages and a strong technological lead.”

Overall, the stock has a Strong Buy consensus rating based on 19 Buys and 3 Holds. The average BABA stock prediction of $203.20 implies 67.7% upside potential. Shares have lost 46.6% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Alibaba’s performance.

According to the tool, compared to the previous year, Alibaba’s website traffic registered a 10.1% decline in global visits in November. However, the website traffic has increased 1.7% year-to-date against the same period last year.

Download the TipRanks mobile app now.

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