Baidu (NASDAQ:BIDU) Reaches New 52-Week Low Following Analyst Downgrade

Baidu, Inc. (NASDAQ:BIDU) hit a new 52-week low during mid-day trading on Friday after Benchmark lowered their price target on the stock from $135.00 to $130.00. Benchmark currently has a buy rating on the stock. Baidu traded as low as $79.16 and last traded at $79.82, with a volume of 649246 shares traded. The stock had previously closed at $81.63.

Several other equities research analysts have also commented on the company. HSBC lowered Baidu from a “buy” rating to a “hold” rating and set a $100.00 target price on the stock. in a research report on Tuesday, September 24th. StockNews.com lowered shares of Baidu from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Susquehanna cut their target price on shares of Baidu from $135.00 to $105.00 and set a “positive” rating on the stock in a research note on Thursday, September 5th. Loop Capital dropped their price objective on shares of Baidu from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Finally, Barclays downgraded Baidu from an “overweight” rating to an “equal weight” rating in a research note on Friday. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $119.36.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. iA Global Asset Management Inc. purchased a new position in Baidu in the second quarter valued at approximately $52,000. Allspring Global Investments Holdings LLC lifted its position in shares of Baidu by 630.9% during 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 last quarter. Grove Bank & Trust lifted its position 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 buying an additional 130 shares during the last quarter. Denver PWM LLC bought a new position in shares of Baidu during the 2nd quarter worth $67,000. Finally, Transamerica Financial Advisors Inc. bought a new stake in Baidu in the 3rd quarter valued at about $82,000.

Baidu Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.32 and a quick ratio of 2.32. The firm has a market capitalization of $28.17 billion, a PE ratio of 9.83 and a beta of 0.51. The company’s fifty day simple moving average is $93.70 and its 200 day simple moving average is $92.54.

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.