2024-02-06 08:00:00 ET
Summary
- Alibaba founders Jack Ma and Joe Tsai are buying back stock, acquiring nearly $200 million worth in recent weeks.
- Lyn Alden believes BABA is a good contrarian play due to its low valuation and potential for a bullish move.
- Garrett Patten suggests that BABA may have formed a bottom and could rally to the 87-89 area next. Thereafter, higher targets open up.
By Levi at Elliott Wave Trader; Produced with Avi Gilburt
" Jack Ma doubles down on Alibaba " (BABA). That was a recent headline in The New York Times. And, according to a regulatory filing from a few weeks ago, fellow co-founder Joe Tsai is also acquiring shares. According to reporting by CNBC , together they have scooped up nearly $200 million worth thus far. If the founders are buying back stock, should you?...
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For further details see:
Alibaba: Jack Ma And Joe Tsai Are Buying - Should You?