Stock Update (NYSE:BABA): Alibaba Group Holding Ltd to Ring New York Stock Exchange Opening Bell
Alibaba Group Holding Ltd (NYSE:BABA) announced it will ring the New York Stock Exchange Opening Bell on Wednesday, November 11, 2015 in celebration of its annual 11.11 Global Shopping Festival. The company will ring the Opening Bell remotely from the Water Cube (National Aquatics Center) in Beijing, where it will host this year’s 11.11 Global Shopping Festival.
“Alibaba is honored to ring the Opening Bell from Beijing in celebration of our 11.11 Global Shopping Festival,” said Jack Ma, executive chairman of Alibaba Group. “This day is not just the largest shopping day in the world, but a demonstration of the scale and impact of our global ecosystem. This festival is a thermometer for the Chinese economy, allowing the world to see the consumption potential of China and the future opportunities for SMEs around the world.”
Jack Ma will participate in the ceremony joined by Daniel Zhang, CEO of Alibaba Group, and Tom Farley, president of NYSE Group. They will also be joined by eight honored guests who have been recognized by Alibaba for their extraordinary acts of philanthropy, environmental awareness and community building.
The 11.11 Global Shopping Festival, also referred to as “Singles Day,” began in 2009 with participation from just 27 merchants to raise awareness around online shopping in China. In the six years since its inception, it has become the largest shopping day in history, generating USD 9.3 billion of GMV settled through Alipay over a 24-hour period in 2014. This year Alibaba is focused on furthering its mission and globalization strategy, with more than 50,000 brands and merchants participating in the upcoming event, including over 10,000 international brands from 25 countries. The company is also enhancing its omni-channel and mobile commerce offerings with participation from more than 1,000 retail brands that operate 180,000 brick-and-mortar stores in 330 cities across China. (Original Source)
Shares of Alibaba Group closed last Friday at $83.61 . BABA has a 1-year high of $120 and a 1-year low of $57.20. The stock’s 50-day moving average is $70.60 and its 200-day moving average is $77.75.
On the ratings front, Alibaba Group has been the subject of a number of recent research reports. In a report issued on November 6, MKM Partners analyst Rob Sanderson assigned a Buy rating on BABA. Separately, on November 4, Nomura’s Andrew Orchard assigned a Buy rating to the stock and has a price target of $95.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Rob Sanderson and Andrew Orchard have a total average return of -2.6% and 16.7% respectively. Sanderson has a success rate of 50.0% and is ranked #3216 out of 3829 analysts, while Orchard has a success rate of 57.1% and is ranked #1332.
The street is mostly Bullish on BABA stock. Out of 25 analysts who cover the stock, 22 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $92.94, which represents a potential upside of 11.2% from where the stock is currently trading.