Baidu (NASDAQ:BIDU) Trading 1.7% Higher – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays lowered their target price 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. HSBC cut Baidu from a “buy” rating to a “hold” rating and set a $100.00 target price on the stock. in a report on Tuesday, September 24th. Susquehanna decreased their price target on Baidu from $135.00 to $105.00 and set a “positive” rating for the company in a research note on Thursday, September 5th. Dbs Bank lowered Baidu from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 3rd. Finally, Hsbc Global Res cut Baidu from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 24th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $128.36.

Baidu Stock Performance

The company has a fifty day moving average of $93.08 and a two-hundred day moving average of $94.14. The firm has a market capitalization of $32.79 billion, a price-to-earnings ratio of 12.34 and a beta of 0.51. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.32 and a current ratio of 2.32.

Hedge Funds Weigh In On Baidu

A number of hedge funds have recently modified their holdings of BIDU. Crewe Advisors LLC bought a new position in Baidu in the 1st quarter valued at about $31,000. iA Global Asset Management Inc. bought a new stake in shares of Baidu during the 2nd quarter worth $52,000. Allspring Global Investments Holdings LLC raised its position in Baidu by 630.9% in the 3rd 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 period. Grove Bank & Trust increased its stake in shares of Baidu by 21.6% in the third quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock worth $77,000 after buying an additional 130 shares during the period. Finally, Denver PWM LLC purchased a new stake in Baidu in the second quarter worth $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.