Baidu (NASDAQ:BIDU) Reaches New 12-Month Low Following Analyst Downgrade

Baidu, Inc. (NASDAQ:BIDU)’s share price reached a new 52-week low during 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 brokerages also recently commented on BIDU. Hsbc Global Res downgraded Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Bank of America cut their price objective on shares of Baidu from $128.00 to $117.00 and set a “buy” rating for the company in a research report on Friday, August 23rd. Susquehanna decreased their target price on shares of Baidu from $135.00 to $105.00 and set a “positive” rating on the stock in a report on Thursday, September 5th. Jefferies Financial Group cut their price target on shares of Baidu from $174.00 to $139.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Finally, Barclays lowered shares of Baidu from an “overweight” rating to an “equal weight” rating in a report on Friday. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $119.36.

Hedge Funds Weigh In On Baidu

Several institutional investors and hedge funds have recently bought and sold shares of BIDU. Axxcess Wealth Management LLC lifted its stake in Baidu by 28.9% in the first quarter. Axxcess Wealth Management LLC now owns 4,287 shares of the information services provider’s stock worth $451,000 after acquiring an additional 962 shares during the period. Advisors Asset Management Inc. boosted its stake in Baidu by 8.2% during the first quarter. Advisors Asset Management Inc. now owns 2,583 shares of the information services provider’s stock worth $272,000 after acquiring an additional 196 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Baidu by 9.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,017,341 shares of the information services provider’s stock valued at $107,107,000 after purchasing an additional 84,776 shares during the last quarter. Bellevue Group AG bought a new position in Baidu during the 1st quarter valued at approximately $211,000. Finally, Silvercrest Asset Management Group LLC grew its stake in shares of Baidu by 1.5% in the first quarter. Silvercrest Asset Management Group LLC now owns 26,019 shares of the information services provider’s stock worth $2,739,000 after acquiring an additional 379 shares during the last quarter.

Baidu Trading Down 1.6 %

The stock’s 50 day moving average is $93.70 and its 200-day moving average is $92.54. The company has a market cap of $28.17 billion, a P/E ratio of 9.83 and a beta of 0.51. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.19.

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.