Baidu (NASDAQ:BIDU) Shares Up 3.4% - Here's Why

Baidu, Inc. (NASDAQ:BIDU - Get Free Report) shares were up 3.4% during mid-day trading on Wednesday . The company traded as high as $99.23 and last traded at $98.63. Approximately 2,014,792 shares traded hands during trading, a decline of 49% from the average daily volume of 3,944,704 shares. The stock had previously closed at $95.38.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on BIDU shares. Mizuho increased their target price on shares of Baidu from $95.00 to $105.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. Barclays increased their price objective on shares of Baidu from $83.00 to $95.00 and gave the company an "equal weight" rating in a research note on Tuesday, February 11th. Sanford C. Bernstein restated a "market perform" rating on shares of Baidu in a research note on Saturday, March 8th. Nomura downgraded Baidu from a "buy" rating to a "neutral" rating in a research report on Wednesday, February 19th. Finally, Benchmark reissued a "buy" rating and issued a $130.00 price objective on shares of Baidu in a research report on Wednesday, February 19th. Thirteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Baidu has a consensus rating of "Hold" and an average price target of $111.25.

Baidu Trading Down 5.1 %

The firm's 50-day moving average price is $91.61 and its 200-day moving average price is $90.39. The company has a market cap of $32.74 billion, a P/E ratio of 10.18, a price-to-earnings-growth ratio of 2.96 and a beta of 0.47. The company has a quick ratio of 2.19, a current ratio of 2.09 and a debt-to-equity ratio of 0.19.

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Institutional Investors Weigh In On Baidu

Several institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can lifted its holdings in Baidu by 5.3% during the 3rd quarter. Bank of Montreal Can now owns 23,558 shares of the information services provider's stock worth $2,478,000 after purchasing an additional 1,177 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Baidu by 18.1% in the third quarter. The Manufacturers Life Insurance Company now owns 321,936 shares of the information services provider's stock worth $33,897,000 after buying an additional 49,329 shares in the last quarter. FMR LLC boosted its position in shares of Baidu by 67.2% in the third quarter. FMR LLC now owns 11,781 shares of the information services provider's stock valued at $1,240,000 after acquiring an additional 4,734 shares during the period. BNP Paribas Financial Markets grew its stake in Baidu by 54.5% during the third quarter. BNP Paribas Financial Markets now owns 296,190 shares of the information services provider's stock valued at $31,186,000 after acquiring an additional 104,449 shares in the last quarter. Finally, Fred Alger Management LLC purchased a new position in Baidu during the third quarter valued at approximately $790,000.

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.