ChinaNet Online (CNET) Spikes After Mentioning Alibaba (BABA) In Press Release

ChinaNet Online Holdings, Inc. (CNET) shares are up 76% to $1.80 in morning trading today after the company said it is in talks with Alibaba’s Taobao unit.

In a press release, George Chu, ChinaNet Online’s Chief Operating Officer said, “We are very excited about our new focus on digital advertising and our cooperation with Baidu (BIDU). We are also in discussions with Taobao of Alibaba (BABA) to provide “Micro-Sell 360″, which is one of our new product solutions geared towards precision marketing for clients”. Approximately 2,7M CNET shares have already changed hands, compared to the stock’s average daily volume of 163,628.

On valuation-measures, shares of ChinaNet Online Holdings have a trailing-12 of 12.56 and a price-to-sales ratio of 0.76. T-12 profit margin is -9.02% while EPS is $0.13. The company has a market cap of $36.31M and a high Wall Street price target of $2.50.

On trading-measure, CNET has a beta of 0.95 and a short float of 1.11%. In the past 52 weeks, shares of Beijing-based business-to-businesses Internet services provider have traded between a low of $0.54 and a high of $2.75 with its 50-day MA and 200-day MA located at $0.90 and $1.06 levels, respectively.

CNET currently prints a one year return of about 187% and a year-to-date return of around 99%.

The chart below shows where the equity has traded over the last 52 weeks, with the 50-day and 200-day MAs included.

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