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Why Alibaba, Nio And Pinduoduo Shares Are Falling Today

Published 07/04/2022, 16:30
Updated 07/04/2022, 17:10
© Reuters.  Why Alibaba, Nio And Pinduoduo Shares Are Falling Today
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Alibaba (NYSE:BABA) Group Holding Ltd (NYSE: BABA), NIO Inc (NYSE: NIO) and Pinduoduo Inc (NASDAQ: PDD) shares are trading lower Thursday alongside several other Chinese stocks as COVID-19 cases continue to climb in China causing prolonged lockdown measures in Shanghai.

According to a Bloomberg report, China is banning flights at the fastest pace since January amid the rising COVID-19 cases. Six airlines were reportedly issued one-week bans within four days.

The surge in cases has led U.S. companies in China to reduce 2022 projections. The increased uncertainty is weighing on several Chinese stocks.

See Also: Nio's Autonomous Driving Systems Head Said To Be Leaving The Company: Here's Why

On Wednesday, Citigroup (NYSE:C) analyst Alicia Yap maintained Alibaba with a Buy rating and lowered the price target from $200 to $177.

BABA, NIO, PDD Price Action: At time of publication, Alibaba is down 3.92% at $103.47, Nio is down 7.15% at $20.13 and Pinduoduo is down 6.49% at $42.36.

According to data from Benzinga Pro, several other Chinese stocks are falling in Thursday's trading session.

Photo: courtesy of Alibaba.

Latest Ratings for BABA

DateFirmActionFromTo
Feb 2022 Barclays (LON:BARC)MaintainsOverweight
Feb 2022StifelMaintainsBuy
Feb 2022CitigroupMaintainsBuy
View More Analyst Ratings for BABA

View the Latest Analyst Ratings

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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