Baidu (NASDAQ:BIDU) Hits New 52-Week Low on Analyst Downgrade

Baidu, Inc. (NASDAQ:BIDU)’s share price reached a new 52-week low on Friday after Benchmark lowered their price target on the stock from $135.00 to $130.00. Benchmark currently has a buy rating on the stock. Baidu traded as low as $79.16 and last traded at $79.82, with a volume of 649246 shares traded. The stock had previously closed at $81.63.

A number of other equities analysts have also issued reports on BIDU. HSBC lowered Baidu from a “buy” rating to a “hold” rating and set a $100.00 target price for the company. in a research note on Tuesday, September 24th. Jefferies Financial Group decreased their target price on Baidu from $174.00 to $139.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Dbs Bank lowered shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 3rd. Bank of America reduced their price target on Baidu from $128.00 to $117.00 and set a “buy” rating for the company in a research report on Friday, August 23rd. Finally, Sanford C. Bernstein lowered Baidu from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $130.00 to $97.00 in a research report on Friday, August 23rd. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Baidu presently has an average rating of “Hold” and an average price target of $119.36.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. iA Global Asset Management Inc. purchased a new position in Baidu during the second quarter worth approximately $52,000. Denver PWM LLC acquired a new stake in shares of Baidu during the 2nd quarter worth $67,000. Allspring Global Investments Holdings LLC raised its position in shares of 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 buying an additional 593 shares during the period. Grove Bank & Trust boosted its holdings in Baidu by 21.6% in the third 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 during the last quarter. Finally, Transamerica Financial Advisors Inc. purchased a new stake in Baidu during the third quarter valued at about $82,000.

Baidu Price Performance

The company has a 50 day simple moving average of $93.70 and a 200 day simple moving average of $92.66. The company has a market capitalization of $28.17 billion, a price-to-earnings ratio of 10.58 and a beta of 0.51. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.19.

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.