Statement from Alibaba Group Regarding Correspondence Between Alibaba Group and the U.S. Securities and Exchange Commission
Alibaba Group has received correspondence from the U.S. Securities and Exchange Commission asking for background facts and other information related to our interaction with one of our Chinese regulators, the SAIC, and related matters. We are cooperating with the SEC’s request.
“Although Alibaba Group has no obligation to disclose the receipt of the SEC correspondence, we have chosen to proactively disclose the request because we value being open with our investors and feel that disclosure could help avoid false rumors or speculation. The SEC letter states it should in no way be construed as Alibaba Group having done anything wrong or there having been any violation of securities law. We are committed to maintaining an open, transparent and cooperative relationship with all regulatory agencies and look forward to a constructive dialogue.”
Shares of Alibaba Group opened today at $89.05 . BABA has a 1-year high of $120 and a 1-year low of $82.81. The stock’s 50-day moving average is $97.56 and it’s 200-day moving average is $99.85.
On the ratings front, Alibaba Group (NYSE:BABA) has been the subject of a number of recent research reports. In a report issued on February 2, Oppenheimer analyst Timothy Horan reiterated a Buy rating on BABA, with a price target of $133, which implies an upside of 49.4% from current levels. Separately, on January 30, Brean Murray Carret’s Fawne Jiang reiterated a Buy rating on the stock and has a price target of $110.
In total, 2 research analysts have assigned a Hold rating and 14 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $89.05 which is 28.3% above where the stock opened today.