Baidu (NASDAQ:BIDU) Shares Down 3.5% Following Analyst Downgrade

Shares of Baidu, Inc. (NASDAQ:BIDU) dropped 3.5% during mid-day trading on Tuesday after Mizuho lowered their price target on the stock from $130.00 to $115.00. Mizuho currently has an outperform rating on the stock. Baidu traded as low as $84.86 and last traded at $85.22. Approximately 1,660,642 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 3,621,846 shares. The stock had previously closed at $88.28.

A number of other research analysts also recently issued reports on the stock. Loop Capital decreased their price target on shares of Baidu from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Dbs Bank downgraded shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 3rd. Citigroup cut their price target on Baidu from $170.00 to $155.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. HSBC downgraded Baidu from a “buy” rating to a “hold” rating and set a $100.00 price target for the company. in a report on Tuesday, September 24th. Finally, Barclays cut their target price on Baidu from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $127.29.

Institutional Trading of Baidu

Large investors have recently bought and sold shares of the business. Primecap Management Co. CA increased its stake in Baidu by 1.5% in the third quarter. Primecap Management Co. CA now owns 12,123,856 shares of the information services provider’s stock valued at $1,276,521,000 after purchasing an additional 176,150 shares during the period. Federated Hermes Inc. grew its holdings in shares of Baidu by 3.7% during the second quarter. Federated Hermes Inc. now owns 1,884,556 shares of the information services provider’s stock worth $162,976,000 after buying an additional 67,331 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Baidu by 1.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,344,309 shares of the information services provider’s stock valued at $116,263,000 after acquiring an additional 14,878 shares during the period. International Assets Investment Management LLC raised its stake in Baidu by 12,065.6% during the 3rd 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 acquiring an additional 1,061,893 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Baidu by 49.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,018,685 shares of the information services provider’s stock worth $107,247,000 after acquiring an additional 338,110 shares during the period.

Baidu Stock Down 3.9 %

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 firm has a 50 day simple moving average of $93.44 and a two-hundred day simple moving average of $93.93. The company has a market capitalization of $29.74 billion, a PE ratio of 11.23 and a beta of 0.51.

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.