Baidu (NASDAQ:BIDU) Shares Down 0.9% – Here’s Why

Baidu, Inc. (NASDAQ:BIDU) shares were down 0.9% on Wednesday . The company traded as low as $91.28 and last traded at $92.75. Approximately 807,781 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 3,650,256 shares. The stock had previously closed at $93.59.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BIDU shares. Jefferies Financial Group reduced their price target on shares of Baidu from $174.00 to $139.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Loop Capital reduced their price target on shares of Baidu from $120.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Hsbc Global Res downgraded shares of Baidu from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Susquehanna cut their target price on shares of Baidu from $135.00 to $105.00 and set a “positive” rating on the stock in a research report on Thursday, September 5th. Finally, Citigroup cut their target price on shares of Baidu from $170.00 to $155.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.36.

Baidu Stock Down 1.4 %

The stock has a market cap of $31.53 billion, a price-to-earnings ratio of 11.91 and a beta of 0.49. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.19. The stock’s 50-day moving average price is $92.60 and its 200-day moving average price is $94.28.

Institutional Trading of Baidu

Several hedge funds have recently modified their holdings of BIDU. Primecap Management Co. CA increased its stake in shares of Baidu by 17.2% in the 2nd quarter. Primecap Management Co. CA now owns 11,947,706 shares of the information services provider’s stock valued at $1,033,238,000 after acquiring an additional 1,753,577 shares in the last quarter. International Assets Investment Management LLC increased its stake in Baidu by 12,065.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,070,694 shares of the information services provider’s stock valued at $1,127,330,000 after purchasing an additional 1,061,893 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Baidu by 49.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,018,685 shares of the information services provider’s stock valued at $107,247,000 after purchasing an additional 338,110 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in Baidu by 103.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 582,475 shares of the information services provider’s stock valued at $51,192,000 after purchasing an additional 295,700 shares in the last quarter. Finally, XY Capital Ltd bought a new stake in Baidu during the 2nd quarter valued at $23,880,000.

About Baidu

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.