Shares of Baidu, Inc. (NASDAQ:BIDU – Get Free Report) shot up 2.2% during mid-day trading on Wednesday . The stock traded as high as $96.08 and last traded at $96.01. 1,365,814 shares changed hands during trading, a decline of 63% from the average session volume of 3,647,050 shares. The stock had previously closed at $93.97.
Wall Street Analyst Weigh In
Several research firms have issued reports on BIDU. Citigroup cut their target price on Baidu from $170.00 to $155.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Bank of America lowered their target price on Baidu from $128.00 to $117.00 and set a “buy” rating for the company in a report on Friday, August 23rd. Barclays reduced their price target on shares of Baidu from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Benchmark dropped their price objective on shares of Baidu from $180.00 to $135.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, Dbs Bank lowered shares of Baidu from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 3rd. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $132.13.
Get Our Latest Stock Analysis on BIDU
Baidu Price Performance
Institutional Trading of Baidu
A number of hedge funds and other institutional investors have recently made changes to their positions in BIDU. Fisher Asset Management LLC grew its stake in Baidu by 39.8% during the 4th quarter. Fisher Asset Management LLC now owns 11,013 shares of the information services provider’s stock worth $1,312,000 after buying an additional 3,134 shares during the last quarter. Perpetual Ltd boosted its holdings in shares of Baidu by 45.4% in the first quarter. Perpetual Ltd now owns 147,165 shares of the information services provider’s stock valued at $15,451,000 after acquiring an additional 45,975 shares during the period. Ridgewood Investments LLC lifted its holdings in shares of Baidu by 80.6% during the first quarter. Ridgewood Investments LLC now owns 6,551 shares of the information services provider’s stock worth $690,000 after purchasing an additional 2,924 shares during the period. Park Avenue Securities LLC purchased a new position in Baidu in the 1st quarter valued at $559,000. Finally, Ignite Planners LLC increased its stake in Baidu by 3.8% in the 1st quarter. Ignite Planners LLC now owns 3,791 shares of the information services provider’s stock valued at $411,000 after buying an additional 139 shares during the period.
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.
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