Alibaba shares were marked 1.48% higher Monday morning at $153.95. Shares closed at $151.70 on Friday.
Third Point reinitiated a stake in Alibaba, with 4.5 million shares during the second quarter ending June 30, according to regulatory filings released late Friday, Reuters reported.
In its second quarter letter to investors, Third point said the Chinese online retailer had consistently surpassed growth estimates for gross merchandise value, revenue, and earnings.
"Alibaba is currently at a positive inflection point after rolling out significant changes over the past year to its advertising platform, which currently generates the majority of the company's revenue," Third Point wrote, Reuters reported. "We view these changes as an important catalyst for meaningful revenue acceleration over the next few years. Combined with an attractive multiple, we believe now is the time to own Alibaba again."
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