Baidu (NASDAQ:BIDU) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Baidu (NASDAQ:BIDU) from a hold rating to a strong sell rating in a research report report published on Monday morning,Zacks.com reports.

BIDU has been the subject of a number of other research reports. Barclays lowered their target price on shares of Baidu from $128.00 to $124.00 and set an “equal weight” rating for the company in a report on Monday, July 13th. Citigroup restated a “buy” rating on shares of Baidu in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. decreased their price objective on Baidu from $230.00 to $205.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Nomura upped their price objective on Baidu from $186.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Finally, BNP Paribas Exane started coverage on Baidu in a research note on Wednesday, April 1st. They issued an “outperform” rating and a $161.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Baidu has an average rating of “Moderate Buy” and a consensus target price of $165.33.

Baidu Trading Down 0.6%

BIDU opened at $107.52 on Monday. The firm has a 50 day simple moving average of $119.62 and a 200 day simple moving average of $127.73. Baidu has a fifty-two week low of $84.64 and a fifty-two week high of $165.30. The company has a market cap of $36.58 billion, a price-to-earnings ratio of -895.93, a price-to-earnings-growth ratio of 2.34 and a beta of 0.56. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.85 and a quick ratio of 1.85.

Hedge Funds Weigh In On Baidu

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Morgan Stanley lifted its holdings in Baidu by 38.0% during the fourth quarter. Morgan Stanley now owns 2,709,426 shares of the information services provider’s stock worth $354,014,000 after acquiring an additional 745,588 shares in the last quarter. RPD Fund Management LLC raised its position in shares of Baidu by 161.6% during the second quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider’s stock worth $107,959,000 after purchasing an additional 777,570 shares during the period. Capital World Investors raised its position in shares of Baidu by 21.0% during the fourth quarter. Capital World Investors now owns 1,182,857 shares of the information services provider’s stock worth $154,552,000 after purchasing an additional 205,040 shares during the period. ARK Investment Management LLC lifted its holdings in shares of Baidu by 127.8% during the 4th quarter. ARK Investment Management LLC now owns 1,157,878 shares of the information services provider’s stock valued at $151,288,000 after purchasing an additional 649,490 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Baidu by 106.7% during the 3rd quarter. Bank of America Corp DE now owns 1,129,272 shares of the information services provider’s stock valued at $148,804,000 after purchasing an additional 582,832 shares in the last quarter.

Key Baidu News

Here are the key news stories impacting Baidu this week:

• Positive Sentiment: Baidu announced it is moving ahead with a conversion of its Hong Kong secondary listing into a dual-primary listing, a step that could improve trading flexibility, broaden its investor base, and strengthen its capital-markets profile. Baidu Provides Update on Voluntary Conversion to Dual-Primary Listing
• Positive Sentiment: J.P. Morgan reportedly initiated a bullish view on Baidu’s Hong Kong-listed shares, which may support sentiment around the company’s AI and internet businesses. Baidu, Inc. Class A (9888) Gets a Buy from J.P. Morgan

Baidu Company Profile

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.