Baidu, Inc. (NASDAQ:BIDU – Get Free Report) 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.
Get Our Latest Research Report on Baidu
Baidu Price Performance
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.
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