Alibaba Group Holding Ltd, the giant e-commerce company in China, just reported an astounding $14.32 billion (USD) of sales on Thursday, November 12, 2015 for their Singles’ Day festival event.
They smashed last year record of $9.3 billion (USD) easily by 60%. And to top it off, 68% of that sales was through mobile devices. It’s amazing how Alibaba managed to turn an event that mocked people who are single with offers of steep promotions and discounts in 2009 into a shopping bonanza so they can feel good about themselves.
However the company share price have not done so well since hitting an all time high of $120 back in November 2014. Currently the share price is trading at $78.76 on Thursday, November 12, 2015 and was low as $57.20 in September 2015. Obviously anyone who has the foresight to buy then is probably laughing their way to the bank now.
Yet at $78.76 and a strong Singles’ Day event, we wonder if loading up on Alibaba shares might still be a good idea because we think that there might more room for upward movements. After all how can over 1.4 billion people be wrong?
We love to hear from you and what you think, take the poll and add your comments.
Is it time to buy Alibaba shares?