Baidu (NASDAQ:BIDU) Shares Down 2% – Here’s What Happened

Baidu, Inc. (NASDAQ:BIDU) shares were down 2% during mid-day trading on Wednesday . The company traded as low as $90.00 and last traded at $90.18. Approximately 1,534,756 shares changed hands during trading, a decline of 58% from the average daily volume of 3,663,845 shares. The stock had previously closed at $91.98.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Citigroup dropped their target price on shares of Baidu from $170.00 to $155.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Dbs Bank downgraded shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 3rd. Loop Capital dropped their target price on Baidu from $120.00 to $115.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Sanford C. Bernstein lowered Baidu from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $130.00 to $97.00 in a research report on Friday, August 23rd. Finally, Hsbc Global Res lowered Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $128.36.

Baidu Price Performance

The stock’s 50 day moving average is $92.25 and its two-hundred day moving average is $94.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.32 and a current ratio of 2.32. The stock has a market capitalization of $31.48 billion, a PE ratio of 12.02 and a beta of 0.49.

Institutional Investors Weigh In On Baidu

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Crewe Advisors LLC acquired a new stake in Baidu in the 1st quarter valued at about $31,000. iA Global Asset Management Inc. acquired a new stake in shares of Baidu during the 2nd quarter worth about $52,000. Allspring Global Investments Holdings LLC lifted its stake in Baidu by 630.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock worth $72,000 after purchasing an additional 593 shares during the last quarter. Grove Bank & Trust boosted its holdings in Baidu by 21.6% in the third quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock valued at $77,000 after purchasing an additional 130 shares in the last quarter. Finally, Denver PWM LLC purchased a new stake in shares of Baidu during the 2nd quarter worth approximately $67,000.

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.