Baidu (NASDAQ:BIDU) Trading Down 3.9% – What’s Next?

Baidu, Inc. (NASDAQ:BIDU)’s share price was down 3.9% on Friday . The stock traded as low as $89.50 and last traded at $89.84. Approximately 1,270,621 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 3,616,959 shares. The stock had previously closed at $93.53.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BIDU. HSBC cut shares of Baidu from a “buy” rating to a “hold” rating and set a $100.00 price objective on the stock. in a research note on Tuesday, September 24th. Susquehanna lowered their price target on shares of Baidu from $135.00 to $105.00 and set a “positive” rating for the company in a report on Thursday, September 5th. Loop Capital reduced their price objective on shares of Baidu from $120.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Barclays decreased their price target on Baidu from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Finally, Sanford C. Bernstein lowered shares of Baidu from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $130.00 to $97.00 in a research report on Friday, August 23rd. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.36.

Baidu Price Performance

The company has a market cap of $31.19 billion, a P/E ratio of 11.84 and a beta of 0.51. The company’s 50-day moving average price is $93.08 and its two-hundred day moving average price is $94.14. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.19.

Institutional Investors Weigh In On Baidu

Several institutional investors and hedge funds have recently made changes to their positions in the company. Primecap Management Co. CA lifted its position in shares of Baidu by 17.2% in the 2nd quarter. Primecap Management Co. CA now owns 11,947,706 shares of the information services provider’s stock worth $1,033,238,000 after buying an additional 1,753,577 shares during the last quarter. Federated Hermes Inc. grew its stake in Baidu by 3.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,884,556 shares of the information services provider’s stock worth $162,976,000 after buying an additional 67,331 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Baidu by 1.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,344,309 shares of the information services provider’s stock valued at $116,263,000 after buying an additional 14,878 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Baidu by 12,065.6% during the third quarter. International Assets Investment Management LLC now owns 1,070,694 shares of the information services provider’s stock worth $1,127,330,000 after acquiring an additional 1,061,893 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Baidu by 49.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,018,685 shares of the information services provider’s stock valued at $107,247,000 after purchasing an additional 338,110 shares during the last quarter.

Baidu Company Profile

Baidu, Inc engages in the provision of internet search services in China. It operates through two segments: Baidu Core and iQIYI. The company offers Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Baidu Health that helps users to find the doctor and hospital for healthcare needs; and Haokan, a short video app.