Baidu (NASDAQ:BIDU) Shares Gap Down – Here’s What Happened

Baidu, Inc. (NASDAQ:BIDU) gapped down prior to trading on Wednesday . The stock had previously closed at $106.01, but opened at $102.24. Baidu shares last traded at $103.32, with a volume of 2,211,808 shares changing hands.

Analysts Set New Price Targets

BIDU has been the subject of several analyst reports. Jefferies Financial Group lowered their price objective on Baidu from $174.00 to $139.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Hsbc Global Res downgraded shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Bank of America reduced their price target on Baidu from $128.00 to $117.00 and set a “buy” rating on the stock in a research report on Friday, August 23rd. StockNews.com lowered shares of Baidu from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, Benchmark cut their price target on Baidu from $180.00 to $135.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $132.13.

Baidu Price Performance

The firm has a fifty day moving average of $89.66 and a 200 day moving average of $95.35. The company has a market capitalization of $36.83 billion, a P/E ratio of 14.19 and a beta of 0.49. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.19.

Institutional Trading of Baidu

Several large investors have recently bought and sold shares of BIDU. Primecap Management Co. CA boosted its holdings in Baidu by 17.2% in the 2nd quarter. Primecap Management Co. CA now owns 11,947,706 shares of the information services provider’s stock worth $1,033,238,000 after buying an additional 1,753,577 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Baidu by 3.7% in the 2nd quarter. Federated Hermes Inc. now owns 1,884,556 shares of the information services provider’s stock valued at $162,976,000 after acquiring an additional 67,331 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Baidu by 1.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,344,309 shares of the information services provider’s stock worth $116,263,000 after purchasing an additional 14,878 shares during the last quarter. ARGA Investment Management LP boosted its position in shares of Baidu by 6.5% in the 1st quarter. ARGA Investment Management LP now owns 1,022,883 shares of the information services provider’s stock valued at $107,689,000 after purchasing an additional 62,830 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Baidu by 49.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,018,685 shares of the information services provider’s stock valued at $107,247,000 after acquiring an additional 338,110 shares during the period.

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.