Fred Alger Management LLC Makes New $790,000 Investment in Baidu, Inc. (NASDAQ:BIDU)

Fred Alger Management LLC bought a new stake in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 7,500 shares of the information services provider's stock, valued at approximately $790,000.

Several other institutional investors and hedge funds have also bought and sold shares of BIDU. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Baidu during the 3rd quarter worth approximately $36,272,000. Bridgewater Associates LP acquired a new position in shares of Baidu during the third quarter worth approximately $12,033,000. Townsquare Capital LLC bought a new position in shares of Baidu in the 3rd quarter worth $4,691,000. Transamerica Financial Advisors Inc. acquired a new stake in Baidu in the 3rd quarter valued at $82,000. Finally, BNP Paribas Financial Markets increased its position in shares of Baidu by 54.5% during the third quarter. BNP Paribas Financial Markets now owns 296,190 shares of the information services provider's stock worth $31,186,000 after acquiring an additional 104,449 shares in the last quarter.

Analyst Ratings Changes

BIDU has been the subject of a number of analyst reports. JPMorgan Chase & Co. downgraded Baidu from an "overweight" rating to a "neutral" rating in a research note on Wednesday, November 27th. Barclays lowered Baidu from an "overweight" rating to an "equal weight" rating in a research report on Friday, November 22nd. China Renaissance downgraded shares of Baidu from a "buy" rating to a "hold" rating and set a $86.00 price objective on the stock. in a report on Monday, November 25th. HSBC lowered shares of 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. Finally, Hsbc Global Res downgraded shares of Baidu from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 24th. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $113.75.

Baidu Stock Performance

Shares of NASDAQ BIDU traded up $1.47 during midday trading on Monday, hitting $86.52. The company's stock had a trading volume of 2,527,904 shares, compared to its average volume of 3,625,251. The firm has a market capitalization of $30.34 billion, a price-to-earnings ratio of 10.59, a P/E/G ratio of 1.12 and a beta of 0.51. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 0.18. The stock has a fifty day moving average price of $93.53 and a 200 day moving average price of $91.31. Baidu, Inc. has a one year low of $78.95 and a one year high of $120.25.

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.