Exchange Traded Concepts LLC Cuts Stock Holdings in Baidu, Inc. $BIDU

Exchange Traded Concepts LLC reduced its position in Baidu, Inc. (NASDAQ:BIDU) by 19.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,854 shares of the information services provider’s stock after selling 13,322 shares during the period. Exchange Traded Concepts LLC’s holdings in Baidu were worth $7,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in BIDU. Schroder Investment Management Group purchased a new stake in Baidu during the third quarter worth $165,334,000. RPD Fund Management LLC increased its holdings in Baidu by 161.6% in the second quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider’s stock valued at $107,959,000 after buying an additional 777,570 shares in the last quarter. Contrarius Group Holdings Ltd raised its position in shares of Baidu by 500.3% in the third quarter. Contrarius Group Holdings Ltd now owns 891,749 shares of the information services provider’s stock worth $117,506,000 after acquiring an additional 743,205 shares during the period. Bank of America Corp DE raised its position in shares of Baidu by 106.7% in the third quarter. Bank of America Corp DE now owns 1,129,272 shares of the information services provider’s stock worth $148,804,000 after acquiring an additional 582,832 shares during the period. Finally, Steadfast Capital Management LP purchased a new stake in shares of Baidu during the 3rd quarter worth about $59,966,000.

Baidu Price Performance

Shares of NASDAQ BIDU opened at $108.12 on Monday. The firm has a market cap of $37.35 billion, a price-to-earnings ratio of 68.00 and a beta of 0.33. The company’s 50-day simple moving average is $134.22 and its 200-day simple moving average is $129.98. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.22. Baidu, Inc. has a 52-week low of $74.71 and a 52-week high of $165.30.

Wall Street Analysts Forecast Growth

BIDU has been the topic of a number of analyst reports. Zephirin Group raised their target price on Baidu from $88.00 to $89.00 and gave the company a “sell” rating in a research report on Monday, March 2nd. Nomura reduced their price target on Baidu from $196.00 to $186.00 and set a “buy” rating for the company in a report on Friday, March 6th. Citigroup reiterated a “buy” rating on shares of Baidu in a research report on Tuesday, January 13th. Susquehanna raised their price objective on Baidu from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, March 5th. Finally, Barclays cut their price objective on Baidu from $147.00 to $128.00 and set an “equal weight” rating for the company in a research report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $157.89.

About Baidu

Baidu, Inc, founded in 2000 and headquartered in Beijing, is a Chinese multinational technology company best known for operating one of China’s leading internet search engines. The company built its business around online search and related advertising services, providing search, content aggregation and targeted ad placements to consumers and marketers across China. Baidu went public on the NASDAQ in 2005 and has since diversified beyond search into a broader technology and AI-focused portfolio.

Core products and services include the Baidu search platform and mobile app, Baidu Maps and Baidu Baike (an online encyclopedia), along with digital content initiatives.