Insiders Bought $200 Million Worth of Oversold BABA

Keep an eye on Alibaba (BABA).

After falling from a 2023 high of about $120, it slipped to a low of $72.55, where it just caught strong interest thanks to a good deal of insider buying.

According to The New York Times,  co-founder Jack Ma and Chairman Joe Tsai bought about $200 million worth of the oversold stock.

As noted by Seeking Alpha, “Ma, who stepped down as Alibaba’s executive chairman in 2019 but remains a major shareholder, purchased about $50M worth of Hong Kong-traded stock in the quarter, the report noted, citing a person familiar with the matter. Tsai bought around $151M worth of Alibaba’s U.S.-traded stock in the fourth quarter, through his Blue Pool Management family investment vehicle, the report noted, citing a regulatory filing.”

With that, shares of BABA are up about $5.30 today – with volume spiking to 44.2 million shares, as compared to its daily average of 19.9 million.