Alibaba (NYSE:BABA) stock is on the move Friday following the company’s investor day yesterday and today that highlights its future plans.
Let’s dive into that news below with everything investors need to know about the BABA investor day.
- First off, let’s talk about the company’s growth expectations.
- That includes estimates that it will reach 100 million paid members in the future.
- The company says this will come from 88VIP and Taobao Pass.
- Currently, these have about 50 million paid users.
- What’s unclear is what “future” means to Alibaba.
- The e-commerce company is also seeing strong support from a younger demographic.
- These users are boosting its average revenue per user higher with fast growth.
- The older demographic is increasing APRU as well, but not as quickly.
- The Alibaba investor day also impressed some analysts.
- That includes Morgan Stanley’s Gary Yu.
- He chimed in with a positive take on the company following its investor day.
- That includes holding an overweight rating for the stock and a price target of $180.
- Truist analyst Youssef Squali also came out of the event with a bright outlook for BABA stock.
- He has a buy rating for the shares, as well as a price target of $200.
- For the record, the analyst consensus rating and price target for BABA stock is buy and $237.47, respectively.
- Even so, that’s not turning into heavy trading of the company’s shares.
- As of this writing, about 8 million units of BABA stock have been traded.
- That’s below its daily average trading volume of about 23.5 million shares.
BABA stock is up 1.4% as of Friday morning but is still down 46.5% since the start of the year.
Investors looking for more stock market news today are in the right place!
We’ve got all the latest stock stories that traders need to know about for Friday. That includes why tech stocks are down today, as well as what’s happening with Futu Holdings (NASDAQ:FUTU) and Cerner (NASDAQ:CERN) shares. You can learn all about that at the links below!
More Friday Stock Market News
- Friday Market Update: Why Are Tech Stocks Down Today?
- FUTU Stock: What Is Going on With Futu Holdings Today?
- CERN Stock Alert: Cerner Pops 15% on Acquisition Speculation
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.