Why Alibaba Shares Are Making New 52-Week Lows Today

Alibaba Group Holding Ltd BABA is trading lower Monday amid continued Evergrande uncertainty, which has weighed on the broader Chinese market.

Investors continue to weigh the possible implications of the potential default of China-based real estate company Evergrande. 

Evergrande shares were halted pending a "major transaction." Chinese media reported Evergrande will sell a majority stake in its property management business.
Needham maintained Alibaba with a Buy rating and a price target of $330.

Alibaba is the world's largest online and mobile commerce company. It operates China's most-visited online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).

BABA Price Action: Alibaba has traded as high as $319.32 over a 52-week period. The stock is making new 52-week lows in trading today.

Alibaba was down 3.56% at $139.06 at time of publication.

Photo: courtesy of Alibaba.