Baidu (NASDAQ:BIDU) Stock Price Up 1.7% – Here’s What Happened

Baidu, Inc. (NASDAQ:BIDU)’s share price was up 1.7% on Tuesday . The company traded as high as $92.75 and last traded at $92.04. Approximately 792,889 shares were traded during trading, a decline of 78% from the average daily volume of 3,624,609 shares. The stock had previously closed at $90.46.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BIDU shares. StockNews.com cut Baidu from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Loop Capital lowered their price objective on Baidu from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, August 26th. HSBC lowered Baidu from a “buy” rating to a “hold” rating and set a $100.00 target price on the stock. in a research report on Tuesday, September 24th. Susquehanna dropped their price target on shares of Baidu from $135.00 to $105.00 and set a “positive” rating for the company in a research note on Thursday, September 5th. Finally, Barclays reduced their price objective on shares of Baidu from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Baidu currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.36.

Baidu Price Performance

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 $32.12 billion, a price-to-earnings ratio of 12.08 and a beta of 0.51. The business’s 50 day simple moving average is $92.77 and its 200-day simple moving average is $94.18.

Hedge Funds Weigh In On Baidu

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its stake in shares of Baidu by 28.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 5,883 shares of the information services provider’s stock valued at $619,000 after purchasing an additional 1,307 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Baidu by 14.8% in the 1st quarter. BNP Paribas Financial Markets now owns 108,466 shares of the information services provider’s stock worth $11,419,000 after acquiring an additional 14,007 shares during the period. Janney Montgomery Scott LLC bought a new position in shares of Baidu in the first quarter valued at approximately $209,000. Leuthold Group LLC acquired a new position in shares of Baidu during the 1st quarter valued at $364,000. Finally, SG Americas Securities LLC raised its stake in shares of Baidu by 337.5% in the 1st quarter. SG Americas Securities LLC now owns 250,418 shares of the information services provider’s stock worth $26,364,000 after buying an additional 193,180 shares in the last quarter.

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.