Baidu (NASDAQ:BIDU) Trading 3.3% Higher - Here's What Happened

Baidu, Inc. (NASDAQ:BIDU - Get Free Report)'s stock price traded up 3.3% during trading on Thursday . The company traded as high as $94.00 and last traded at $93.96. 930,147 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,618,160 shares. The stock had previously closed at $90.92.

Analyst Ratings Changes

Several equities analysts have issued reports on BIDU shares. StockNews.com cut Baidu from a "buy" rating to a "hold" rating in a research report on Friday, October 25th. Citigroup reduced their target price on Baidu from $170.00 to $155.00 and set a "buy" rating for the company in a report on Monday, July 15th. Benchmark lowered their price target on shares of Baidu from $180.00 to $135.00 and set a "buy" rating on the stock in a research note on Wednesday, July 31st. Susquehanna reduced their price objective on shares of Baidu from $135.00 to $105.00 and set a "positive" rating for the company in a research note on Thursday, September 5th. Finally, Bank of America dropped their target price on shares of Baidu from $128.00 to $117.00 and set a "buy" rating for the company in a report on Friday, August 23rd. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, Baidu presently has an average rating of "Moderate Buy" and an average price target of $128.36.

Baidu Price Performance

The company has a market capitalization of $32.80 billion, a price-to-earnings ratio of 12.34 and a beta of 0.51. 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's 50 day simple moving average is $93.08 and its 200-day simple moving average is $94.14.

Institutional Trading of Baidu

Hedge funds have recently bought and sold shares of the company. Crewe Advisors LLC purchased a new position in shares of Baidu during the 1st quarter worth $31,000. iA Global Asset Management Inc. acquired a new stake in Baidu in the 2nd quarter worth about $52,000. Allspring Global Investments Holdings LLC grew its holdings 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 valued at $72,000 after buying an additional 593 shares during the period. Grove Bank & Trust increased its stake in shares of Baidu by 21.6% during the 3rd 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, Denver PWM LLC purchased a new position in shares of Baidu during the 2nd quarter worth about $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.

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