NewEdge Advisors LLC Purchases 13,598 Shares of Baidu, Inc. $BIDU

NewEdge Advisors LLC boosted its position in shares of Baidu, Inc. (NASDAQ:BIDU) by 39.7% in the first quarter, Holdings Channel reports. The fund owned 47,855 shares of the information services provider’s stock after purchasing an additional 13,598 shares during the quarter. NewEdge Advisors LLC’s holdings in Baidu were worth $5,332,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Empowered Funds LLC bought a new position in shares of Baidu in the 1st quarter worth approximately $334,000. EverSource Wealth Advisors LLC grew its position in Baidu by 71.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,182 shares of the information services provider’s stock valued at $101,000 after buying an additional 493 shares during the period. Guggenheim Capital LLC increased its holdings in Baidu by 53.3% during the second quarter. Guggenheim Capital LLC now owns 9,670 shares of the information services provider’s stock valued at $829,000 after buying an additional 3,362 shares during the last quarter. First Trust Advisors LP increased its holdings in Baidu by 2.6% during the second quarter. First Trust Advisors LP now owns 50,033 shares of the information services provider’s stock valued at $4,291,000 after buying an additional 1,259 shares during the last quarter. Finally, Flow Traders U.S. LLC bought a new position in Baidu in the second quarter worth approximately $254,000.

Wall Street Analysts Forecast Growth

BIDU has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of Baidu from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 18th. JPMorgan Chase & Co. decreased their target price on Baidu from $230.00 to $205.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Morgan Stanley lifted their target price on Baidu from $135.00 to $140.00 in a research report on Tuesday, May 19th. Zacks Research lowered Baidu from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Finally, Citigroup restated a “buy” rating on shares of Baidu in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Baidu presently has an average rating of “Moderate Buy” and a consensus price target of $165.33.

Baidu Stock Performance

BIDU opened at $105.94 on Wednesday. The company has a 50 day simple moving average of $112.59 and a two-hundred day simple moving average of $123.69. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.85 and a quick ratio of 1.85. The firm has a market cap of $36.05 billion, a P/E ratio of -882.76, a PEG ratio of 2.37 and a beta of 0.58. Baidu, Inc. has a 1-year low of $84.82 and a 1-year high of $165.30.

About Baidu

Baidu, Inc, founded in 2000 and headquartered in Beijing, is a Chinese multinational technology company best known for operating one of China’s leading internet search engines. The company built its business around online search and related advertising services, providing search, content aggregation and targeted ad placements to consumers and marketers across China. Baidu went public on the NASDAQ in 2005 and has since diversified beyond search into a broader technology and AI-focused portfolio.

Core products and services include the Baidu search platform and mobile app, Baidu Maps and Baidu Baike (an online encyclopedia), along with digital content initiatives.