Alibaba Group Holding Ltd. (BABA) - Get Report fell to a 52-week low of $146.73 early Tuesday, Oct. 9, as the stock has cooled off considerably from where it traded last year. At last check Alibaba's midday trading landed the share price at $148.24.
It's quite a turn of events for a stock that hit an all-time high in 2018 when it reached $211.70 a few months ago. Alibaba is now down 30% from its all-time high. The stock is down 19% year-to-date from the $183.65 it was at to start the year.
Last month, Alibaba founder, CEO and Chairman Jack Ma announced he was stepping down as chairman. The stock fell slightly the day of the announcement, Sept. 10, to $157.
Perhaps the worst headwind of all to Alibaba is the increasingly contentious relationship between China and the U.S. President Trump has not been particularly good to Chinese technology companies.
Alibaba also does not seem to have plans on placing a heavy focus on expanding into the U.S., as perhaps some investors have hoped.