Baidu (NASDAQ:BIDU) Stock Price Down 5.9% After Analyst Downgrade

Baidu, Inc. (NASDAQ:BIDU)’s stock price dropped 5.9% during mid-day trading on Tuesday after Bank of America lowered their price target on the stock from $180.00 to $165.00. Bank of America currently has a buy rating on the stock. Baidu traded as low as $107.25 and last traded at $106.6820. Approximately 715,140 shares changed hands during trading, a decline of 72% from the average session volume of 2,598,788 shares. The stock had previously closed at $113.39.

Other equities research analysts also recently issued research reports about the stock. Zacks Research upgraded shares of Baidu from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Benchmark reaffirmed a “buy” rating and set a $215.00 target price on shares of Baidu in a research report on Tuesday, May 19th. Morgan Stanley boosted their price target on Baidu from $135.00 to $140.00 in a research note on Tuesday, May 19th. Nomura increased their price target on Baidu from $186.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Finally, BNP Paribas Exane began coverage on Baidu in a research note on Wednesday, April 1st. They set an “outperform” rating and a $161.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $163.11.

Institutional Trading of Baidu

A number of institutional investors and hedge funds have recently modified their holdings of BIDU. Central Asset Investments & Management Holdings HK Ltd bought a new position in Baidu in the fourth quarter worth about $2,626,000. Yarbrough Capital LLC bought a new position in shares of Baidu during the fourth quarter valued at approximately $1,697,000. TT International Asset Management LTD bought a new position in shares of Baidu during the fourth quarter valued at approximately $33,727,000. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Baidu by 112.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 669,619 shares of the information services provider’s stock worth $87,492,000 after purchasing an additional 354,630 shares during the period. Finally, Kercheville Advisors LLC lifted its holdings in shares of Baidu by 81.8% in the 4th quarter. Kercheville Advisors LLC now owns 18,275 shares of the information services provider’s stock worth $2,388,000 after purchasing an additional 8,225 shares during the last quarter.

Baidu Stock Down 4.7%

The firm has a market cap of $36.78 billion, a price-to-earnings ratio of -900.39, a price-to-earnings-growth ratio of 2.01 and a beta of 0.56. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average of $123.96 and a 200-day moving average of $128.61.

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.