Baidu (NASDAQ:BIDU) Shares Gap Down After Analyst Downgrade

Baidu, Inc. (NASDAQ:BIDU) shares gapped down before the market opened on Wednesday after Jefferies Financial Group lowered their price target on the stock from $120.00 to $110.00. The stock had previously closed at $93.30, but opened at $89.23. Jefferies Financial Group currently has a buy rating on the stock. Baidu shares last traded at $86.52, with a volume of 5,212,773 shares trading hands.

A number of other analysts have also weighed in on the company. Benchmark reduced their target price on Baidu from $130.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, May 22nd. Citigroup reduced their target price on shares of Baidu from $139.00 to $138.00 and set a “buy” rating for the company in a report on Thursday, May 22nd. Macquarie restated a “neutral” rating on shares of Baidu in a research note on Wednesday, May 21st. Finally, Barclays set a $84.00 price objective on shares of Baidu and gave the stock an “equal weight” rating in a research note on Thursday, May 22nd. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Baidu currently has a consensus rating of “Hold” and an average target price of $105.18.

Institutional Investors Weigh In On Baidu

Large investors have recently modified their holdings of the business. CX Institutional boosted its position in shares of Baidu by 34.1% during the 2nd quarter. CX Institutional now owns 715 shares of the information services provider’s stock valued at $61,000 after acquiring an additional 182 shares during the last quarter. Ballentine Partners LLC purchased a new stake in Baidu during the 2nd quarter worth approximately $234,000. Eaton Financial Holdings Company LLC acquired a new position in Baidu during the 2nd quarter worth $341,000. U.S. Capital Wealth Advisors LLC increased its stake in shares of Baidu by 41.8% during the second quarter. U.S. Capital Wealth Advisors LLC now owns 16,615 shares of the information services provider’s stock worth $1,425,000 after buying an additional 4,900 shares during the period. Finally, Silver Oak Securities Incorporated raised its holdings in shares of Baidu by 174.8% in the 2nd quarter. Silver Oak Securities Incorporated now owns 2,855 shares of the information services provider’s stock valued at $245,000 after purchasing an additional 1,816 shares in the last quarter.

Baidu Trading Down 7.5%

The firm has a market capitalization of $29.82 billion, a price-to-earnings ratio of 8.56 and a beta of 0.33. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.29 and a current ratio of 2.29. The company has a 50-day moving average price of $86.69 and a 200-day moving average price of $87.68.

About Baidu

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.