Shares of Baidu, Inc. (NASDAQ:BIDU – Get Free Report) gapped up prior to trading 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 traded.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on BIDU. Benchmark reissued a “buy” rating and set a $215.00 target price on shares of Baidu in a research note on Tuesday, May 19th. Weiss Ratings cut shares of Baidu from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 18th. Morgan Stanley upped their target price on shares of Baidu from $135.00 to $140.00 in a research note on Tuesday, May 19th. Citigroup reaffirmed a “buy” rating on shares of Baidu in a research report on Tuesday, June 23rd. Finally, BNP Paribas Exane began coverage on Baidu in a report on Wednesday, April 1st. They issued an “outperform” rating and a $161.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $162.58.
Get Our Latest Research Report on Baidu
Baidu Trading Up 4.4%
Hedge Funds Weigh In On Baidu
A number of large investors have recently bought and sold shares of the business. Schroder Investment Management Group bought a new position in shares of Baidu during the 3rd quarter worth approximately $165,334,000. RPD Fund Management LLC grew its holdings in Baidu by 161.6% in the second quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider’s stock worth $107,959,000 after purchasing an additional 777,570 shares during the last quarter. Morgan Stanley grew its holdings in Baidu by 38.0% in the fourth quarter. Morgan Stanley now owns 2,709,426 shares of the information services provider’s stock worth $354,014,000 after purchasing an additional 745,588 shares during the last quarter. ARK Investment Management LLC increased its position in shares of Baidu by 127.8% during the fourth quarter. ARK Investment Management LLC now owns 1,157,878 shares of the information services provider’s stock worth $151,288,000 after purchasing an additional 649,490 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of Baidu by 106.7% during the third quarter. Bank of America Corp DE now owns 1,129,272 shares of the information services provider’s stock worth $148,804,000 after purchasing an additional 582,832 shares in the last quarter.
Baidu Company Profile
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.
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