Alibaba Group (BABA): Can E-commerce giant Ride the Rally?

Alibaba Group (BABA) launched the Global e-commerce Challenge.
China’s aggressive economic plan aims for 5% GDP growth.

Alibaba Group (BABA), the e-commerce giant, is complying with China’s aggressive economic plans, aiming for 5% GDP growth. Founded in 1999, with headquarters in Huangzhou, China, it is the third largest e-commerce platform by sales and internet technology company. Along with its subsidiaries, they provide infrastructure and marketing help to merchants, developing its brand and increasing customer connectivity.

Alibaba Launched 2023 Global e-Commerce Challenge

To identify young talents, the company has launched the Global e-Commerce Challenge to cater future of their international e-commerce operations. This competition is open for any university student worldwide, for a person interested in taking on e-commerce business challenges with innovative solutions.

Selected candidates would receive coaching from dedicated Alibaba mentors and have job opportunities with Alibaba’s Global Digital commerce (GDC) Unit.

China’s Aggressive Economic Plans

The annual legislative session by the National People’s Congress commenced on Sunday. The officials aim at a 5% growth in GDP, the lowest target since 1990. Policymakers are prepared to roll out aggressive monetary policies to boost the economy. However, these economic plans do not offer the bulls much breathing room.

Alibaba Group (BABA) – Price Analysis

When writing, it traded at $89.62 with a slight drop of 0.09%; previous close and open were at $89.70 and $89.58, respectively. The fifty-two-week change is negative 8.00%. The market cap is $231.892 billion, while the volume and average volume were at 16.85 million and 22.08 million shares, respectively. The price is targeted at $145.45 with an upside of 62.3%. Analysts have given a 3.07 rating for buy.

The revenue of Alibaba Group is $247.76 billion with a gain of 2.13%, and revenue per share is around $326.75; at the same time, the quarterly revenue growth is 2.10%. The net income was $46.91 billion gaining 68.70%. The EPS jumped by 14.22% to $2.41; the Profit margin is 3.82%, operating margin is 12.29%.

The e-commerce giant Alibaba Group recently reported its earnings on February 23, 2023. Where estimated revenue was $35.648 billion, while reported revenue was $35.912 billion, with a surprise of $264.284 million, meaning 0.74%.

Alibaba Group (BABA) – Chart Analysis

Despite a relatively positive earnings report, the response was not as expected. It should have bounced back from the point of moving average, but as it did not, it can be considered that sellers are heavier in the market. Though overall sentiment can be considered bullish, the short-term sentiment is bearish.

The price seems to be consolidating and could move toward the demand zone and would bounce back from there, as it is acting as strong support. If the price crosses the EMA, it would enter the supply zone, consolidate for a bit, and further movement will be decided by future news and market sentiments.

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing