Baidu (NASDAQ:BIDU) Shares Gap Up – Time to Buy?

Baidu, Inc. (NASDAQ:BIDU)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $112.09, but opened at $117.76. Baidu shares last traded at $117.8650, with a volume of 817,531 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Weiss Ratings downgraded Baidu from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, May 18th. Morgan Stanley upped their price objective on shares of Baidu from $135.00 to $140.00 in a report on Tuesday, May 19th. Susquehanna increased their price objective on shares of Baidu from $120.00 to $140.00 and gave the company a “neutral” rating in a research report on Wednesday, May 20th. Citigroup reissued a “buy” rating on shares of Baidu in a research report on Tuesday, June 23rd. Finally, Zacks Research upgraded shares of Baidu from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $162.58.

Baidu Price Performance

The firm has a market cap of $39.80 billion, a PE ratio of -981.95, a price-to-earnings-growth ratio of 1.95 and a beta of 0.56. The stock has a 50 day simple moving average of $124.66 and a two-hundred day simple moving average of $128.80. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.85 and a current ratio of 1.85.

Institutional Investors Weigh In On Baidu

Hedge funds and other institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its stake in shares of Baidu by 100.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 5,266 shares of the information services provider’s stock valued at $602,000 after purchasing an additional 2,634 shares during the period. 180 Wealth Advisors LLC purchased a new position in Baidu in the second quarter valued at $205,000. Confluence Investment Management LLC raised its position in shares of Baidu by 15.0% in the second quarter. Confluence Investment Management LLC now owns 2,089 shares of the information services provider’s stock worth $239,000 after acquiring an additional 272 shares during the period. Parallel Advisors LLC raised its position in shares of Baidu by 105.3% in the first quarter. Parallel Advisors LLC now owns 2,186 shares of the information services provider’s stock worth $244,000 after acquiring an additional 1,121 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in shares of Baidu by 39.7% during the 1st quarter. NewEdge Advisors LLC now owns 47,855 shares of the information services provider’s stock worth $5,332,000 after acquiring an additional 13,598 shares in the last quarter.

About Baidu

Baidu, Inc, founded in 2000 and headquartered in Beijing, is a Chinese multinational technology company best known for operating one of China’s leading internet search engines. The company built its business around online search and related advertising services, providing search, content aggregation and targeted ad placements to consumers and marketers across China. Baidu went public on the NASDAQ in 2005 and has since diversified beyond search into a broader technology and AI-focused portfolio.

Core products and services include the Baidu search platform and mobile app, Baidu Maps and Baidu Baike (an online encyclopedia), along with digital content initiatives.