Alibaba stock price on June 20

On June 20, 2024, Alibaba stock price dropped to $75.62, marking its second consecutive day of decline. Market watchers attribute the pullback to weaker-than-expected retail sales figures in China and rising competition in e-commerce. Technical charts show the 50-day moving average trending downward, signaling potential consolidation ahead. The rally was driven by renewed investor optimism regarding the company’s AI/cloud pivot following the recent quarterly results, encouraging corporate announcements, and improved sentiment on Chinese tech stocks. Start building smart value positions and get ahead of the crowd using these 924 undervalued stocks based on cash flows , based on strong underlying cash flows that others might be overlooking. Today’s Alibaba stock price closed at $75.62, a 1.3% intraday fall. The downside movement aligns with cautious investor sentiment ahead of the PBoC’s policy announcements. Valuation metrics indicate Alibaba trades at 11.4x forward earnings, cheaper than peers but reflecting perceived regulatory risks.