What's Going On With Alibaba Stock Today?

Alibaba Group Holding Ltd BABA shares closed higher Tuesday after the company signed a cooperation agreement with Hangzhou authorities.

What Happened: According to a Reuters report citing local media, Alibaba has agreed to cooperate with government officials in Hangzhou, which is the city where the e-commerce giant is based. 

The news comes just a week after Chinese regulators signaled an easing of its regulatory crackdown and just days after Alibaba co-founder Jack Ma relinquished control of major Chinese fintech company Ant Group. 

Ant Group was set to list publicly in 2020 before it received pushback from regulators, which sparked a crackdown on the entire tech industry. Chinese stocks have rallied several times since on hopes that the nation's regulatory crackdown was coming to a close. Ant Group is an affiliate of Alibaba.

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The report also indicates that Guo Shuqing, Communist party chief of the People's Bank of China, was quoted on Monday saying that rectification of the financial businesses of several Chinese internet companies was "basically completed." 

Citigroup analyst Alicia Yap maintained Alibaba with a Buy rating on Tuesday and raised the price target from $144 to $160.

See Also: Alibaba Is Top Pick, Analyst Boosts Estimates Expecting Growth Recovery And Easing Logistics From Fiscal 24

Alibaba operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).

BABA Price Action: Alibaba has a 52-week high of $138.70 and a 52-week low of $58.01.

Alibaba shares closed up 3.65% at $114.87 Tuesday afternoon, according to Benzinga Pro.

Photo: courtesy of Alibaba.