Baidu (NASDAQ:BIDU) Stock Price Down 3.5% After Analyst Downgrade

Baidu, Inc. (NASDAQ:BIDU)’s stock price dropped 3.5% during trading on Tuesday after Mizuho lowered their price target on the stock from $130.00 to $115.00. Mizuho currently has an outperform rating on the stock. Baidu traded as low as $84.86 and last traded at $85.22. Approximately 1,660,642 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 3,621,846 shares. The stock had previously closed at $88.28.

BIDU has been the topic of several other reports. Jefferies Financial Group cut their target price on Baidu from $174.00 to $139.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Hsbc Global Res downgraded Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Bank of America cut their price objective on Baidu from $128.00 to $117.00 and set a “buy” rating for the company in a research note on Friday, August 23rd. Citigroup lowered their target price on shares of Baidu from $170.00 to $155.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Finally, Sanford C. Bernstein downgraded shares of Baidu from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $130.00 to $97.00 in a research note on Friday, August 23rd. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Baidu has an average rating of “Moderate Buy” and a consensus target price of $127.29.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Primecap Management Co. CA lifted its holdings in shares of Baidu by 1.5% in the 3rd quarter. Primecap Management Co. CA now owns 12,123,856 shares of the information services provider’s stock worth $1,276,521,000 after acquiring an additional 176,150 shares during the last quarter. Federated Hermes Inc. increased its stake in Baidu by 3.7% during the second quarter. Federated Hermes Inc. now owns 1,884,556 shares of the information services provider’s stock worth $162,976,000 after purchasing an additional 67,331 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Baidu by 1.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,344,309 shares of the information services provider’s stock valued at $116,263,000 after purchasing an additional 14,878 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Baidu by 12,065.6% in the third quarter. International Assets Investment Management LLC now owns 1,070,694 shares of the information services provider’s stock valued at $1,127,330,000 after purchasing an additional 1,061,893 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in Baidu by 49.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,018,685 shares of the information services provider’s stock worth $107,247,000 after buying an additional 338,110 shares during the period.

Baidu Stock Performance

The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $29.74 billion, a price-to-earnings ratio of 11.23 and a beta of 0.51. The stock’s fifty day simple moving average is $93.44 and its 200-day simple moving average is $93.93.

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.