Mirae Asset Global Investments Co. Ltd. Decreases Position in Baidu, Inc. (NASDAQ:BIDU)

Mirae Asset Global Investments Co. Ltd. lessened its stake in Baidu, Inc. (NASDAQ:BIDU - Free Report) by 17.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,751 shares of the information services provider's stock after selling 6,110 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Baidu were worth $3,130,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its stake in Baidu by 12,065.6% during 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 buying an additional 1,061,893 shares in the last quarter. Commerzbank Aktiengesellschaft FI bought a new stake in shares of Baidu in the 3rd quarter valued at approximately $218,000. Private Advisor Group LLC raised its position in shares of Baidu by 24.4% during the 3rd quarter. Private Advisor Group LLC now owns 5,526 shares of the information services provider's stock valued at $582,000 after acquiring an additional 1,083 shares in the last quarter. Sterling Investment Management LLC bought a new position in Baidu during the third quarter worth $973,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Baidu by 630.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider's stock worth $72,000 after purchasing an additional 593 shares during the period.

Analysts Set New Price Targets

A number of analysts have weighed in on BIDU shares. Bank of America dropped their target price on shares of Baidu from $128.00 to $117.00 and set a "buy" rating on the stock in a report on Friday, August 23rd. Citigroup cut their target price on shares of Baidu from $170.00 to $155.00 and set a "buy" rating on the stock in a report on Monday, July 15th. Loop Capital lowered their target price on Baidu from $120.00 to $115.00 and set a "buy" rating for the company in a report on Monday, August 26th. Dbs Bank downgraded Baidu from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 3rd. Finally, Susquehanna lowered their price objective on Baidu from $135.00 to $105.00 and set a "positive" rating for the company in a research note on Thursday, September 5th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $128.36.

Baidu Price Performance

Shares of NASDAQ:BIDU traded down $1.37 during trading on Wednesday, reaching $92.22. The company had a trading volume of 2,116,341 shares, compared to its average volume of 3,656,473. Baidu, Inc. has a twelve month low of $79.68 and a twelve month high of $126.23. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.32 and a current ratio of 2.32. The firm has a market capitalization of $32.34 billion, a PE ratio of 12.15 and a beta of 0.49. The firm's fifty day moving average is $92.49 and its 200 day moving average is $94.30.

Baidu 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.