Baidu (NASDAQ:BIDU) Stock Price Down 0.2% on Analyst Downgrade

Baidu, Inc. (NASDAQ:BIDU) shares dropped 0.2% during trading on Wednesday after Mizuho lowered their price target on the stock from $130.00 to $115.00. Mizuho currently has an outperform rating on the stock. Baidu traded as low as $84.23 and last traded at $84.64. Approximately 727,461 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 3,621,052 shares. The stock had previously closed at $84.80.

Other research analysts have also issued research reports about the company. Bank of America reduced 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. Dbs Bank lowered shares of Baidu from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 3rd. Benchmark lowered their target price on shares of Baidu from $180.00 to $135.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Barclays reduced their price target on shares of Baidu from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Finally, Susquehanna lowered their price objective on Baidu from $135.00 to $105.00 and set a “positive” rating on the stock in a research report on Thursday, September 5th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $127.29.

Hedge Funds Weigh In On Baidu

Several hedge funds and other institutional investors have recently bought and sold shares of BIDU. Primecap Management Co. CA raised its holdings in shares of Baidu by 17.2% in the second quarter. Primecap Management Co. CA now owns 11,947,706 shares of the information services provider’s stock valued at $1,033,238,000 after acquiring an additional 1,753,577 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Baidu by 12,065.6% in the 3rd 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 purchasing an additional 1,061,893 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Baidu by 49.7% during the first 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 in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Baidu by 103.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 582,475 shares of the information services provider’s stock valued at $51,192,000 after purchasing an additional 295,700 shares in the last quarter. Finally, XY Capital Ltd purchased a new position in Baidu during the second quarter valued at approximately $23,880,000.

Baidu Stock Down 0.4 %

The business’s 50 day moving average is $93.47 and its 200 day moving average is $93.82. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.19. The company has a market cap of $29.62 billion, a P/E ratio of 11.12 and a beta of 0.51.

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.