Baidu (NASDAQ:BIDU) Shares Gap Up Following Analyst Upgrade

Baidu, Inc. (NASDAQ:BIDU) shares gapped up before the market opened on Monday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $110.95, but opened at $115.89. JPMorgan Chase & Co. now has a $188.00 price target on the stock, up from their previous price target of $110.00. Baidu shares last traded at $119.2360, with a volume of 1,691,647 shares traded.

Other equities analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft raised shares of Baidu from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a research report on Thursday, November 6th. UBS Group set a $188.00 target price on shares of Baidu in a report on Monday. Bank of America boosted their price target on Baidu from $100.00 to $151.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Nomura set a $140.00 price target on Baidu and gave the stock a “buy” rating in a research report on Thursday, November 20th. Finally, Daiwa Capital Markets set a $160.00 price objective on Baidu and gave the company a “buy” rating in a report on Tuesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $145.95.

Institutional Trading of Baidu

Several institutional investors and hedge funds have recently modified their holdings of BIDU. Royal Bank of Canada lifted its stake in Baidu by 28.3% in the 1st quarter. Royal Bank of Canada now owns 160,713 shares of the information services provider’s stock valued at $14,791,000 after purchasing an additional 35,479 shares during the last quarter. Capital Advisors Inc. OK acquired a new position in shares of Baidu during the second quarter worth $1,715,000. Fluent Financial LLC lifted its stake in shares of Baidu by 16.2% in the 2nd quarter. Fluent Financial LLC now owns 23,606 shares of the information services provider’s stock valued at $2,024,000 after acquiring an additional 3,286 shares during the last quarter. ARK Investment Management LLC lifted its stake in shares of Baidu by 129.4% in the 2nd quarter. ARK Investment Management LLC now owns 294,447 shares of the information services provider’s stock valued at $25,252,000 after acquiring an additional 166,088 shares during the last quarter. Finally, Greenwood Capital Associates LLC boosted its holdings in shares of Baidu by 36.9% during the 2nd quarter. Greenwood Capital Associates LLC now owns 38,976 shares of the information services provider’s stock valued at $3,343,000 after acquiring an additional 10,501 shares in the last quarter.

Baidu Price Performance

The business has a 50-day moving average of $126.63 and a two-hundred day moving average of $102.70. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.19. The firm has a market cap of $41.18 billion, a P/E ratio of 10.99 and a beta of 0.43.

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.