Baidu (NASDAQ:BIDU) Trading Down 1.1% – Here’s What Happened

Baidu, Inc. (NASDAQ:BIDU)’s share price was down 1.1% on Thursday . The company traded as low as $83.05 and last traded at $83.55. Approximately 928,689 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 3,616,071 shares. The stock had previously closed at $84.46.

Analysts Set New Price Targets

A number of research firms have recently commented on BIDU. Mizuho dropped their target price on Baidu from $130.00 to $115.00 and set an “outperform” rating on the stock in a research report on Tuesday. Sanford C. Bernstein cut Baidu from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $130.00 to $97.00 in a research note on Friday, August 23rd. Barclays lowered their price target on shares of Baidu from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Loop Capital lowered their price target on Baidu from $120.00 to $115.00 and set a “buy” rating for the company in a report on Monday, August 26th. Finally, Jefferies Financial Group reduced their price objective on shares of Baidu from $174.00 to $139.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $127.29.

Baidu Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.32 and a quick ratio of 2.32. The stock has a market cap of $29.45 billion, a price-to-earnings ratio of 11.01 and a beta of 0.51. The stock’s 50-day moving average is $93.51 and its 200 day moving average is $93.75.

Hedge Funds Weigh In On Baidu

Large investors have recently made changes to their positions in the stock. Crewe Advisors LLC acquired a new position in Baidu during the first quarter worth about $31,000. iA Global Asset Management Inc. purchased a new stake in Baidu during the second quarter worth $52,000. Allspring Global Investments Holdings LLC grew its holdings in Baidu by 630.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock valued at $72,000 after purchasing an additional 593 shares during the last quarter. Grove Bank & Trust increased its holdings in Baidu by 21.6% during the 3rd quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock valued at $77,000 after acquiring an additional 130 shares in the last quarter. Finally, Denver PWM LLC purchased a new stake in shares of Baidu in the second quarter valued at about $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.