Groupon (GRPN) stock got a boost from Alibaba (BABA) on Tuesday.
Alibaba revealed over the weekend that it had obtained a 5.6% stake in Groupon. A filing states that it has 32.97 million shares as of Dec. 31, 2015, which makes it the fourth largest shareholder of GRPN stock, reports MarketWatch.
The jump in price for Groupon stock means that Alibaba’s stake in the company has increased in value by about $9.6 million during this year. GRPN also recently reported good results for its most recent quarter, MarketWatch notes.
Groupon’s Q4 earnings for 2015 saw it beat EPS estimates of 0 cents by 4 cents. It’s revenue came in at $917.2 million, which was above the $845.9 million expected of it.
GRPN shares were up 34% and BABA shares were up 6% as of Tuesday morning.
More From InvestorPlace:
