Baidu (NASDAQ:BIDU) Shares Gap Down Following Analyst Downgrade

Baidu, Inc. (NASDAQ:BIDU - Get Free Report) shares gapped down before the market opened on Wednesday after Jefferies Financial Group lowered their price target on the stock from $120.00 to $110.00. The stock had previously closed at $93.30, but opened at $89.23. Jefferies Financial Group currently has a buy rating on the stock. Baidu shares last traded at $86.52, with a volume of 5,212,773 shares changing hands.

Other equities research analysts have also recently issued research reports about the stock. Macquarie restated a "neutral" rating on shares of Baidu in a research note on Wednesday, May 21st. Citigroup lowered their target price on shares of Baidu from $139.00 to $138.00 and set a "buy" rating for the company in a research note on Thursday, May 22nd. Benchmark decreased their price objective on Baidu from $130.00 to $120.00 and set a "buy" rating for the company in a report on Thursday, May 22nd. Finally, Barclays set a $84.00 target price on shares of Baidu and gave the stock an "equal weight" rating in a report on Thursday, May 22nd. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $105.18.

Institutional Trading of Baidu

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dodge & Cox raised its position in shares of Baidu by 0.4% in the 4th quarter. Dodge & Cox now owns 5,916,215 shares of the information services provider's stock valued at $498,796,000 after purchasing an additional 22,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Baidu by 1,377.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,324,728 shares of the information services provider's stock worth $490,035,000 after acquiring an additional 4,964,350 shares during the period. Pictet Asset Management Holding SA boosted its position in Baidu by 9.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,410,307 shares of the information services provider's stock worth $203,213,000 after acquiring an additional 207,966 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Baidu by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,361,973 shares of the information services provider's stock valued at $125,338,000 after buying an additional 11,658 shares during the period. Finally, CoreView Capital Management Ltd lifted its holdings in shares of Baidu by 2.0% in the fourth quarter. CoreView Capital Management Ltd now owns 1,262,003 shares of the information services provider's stock valued at $106,399,000 after buying an additional 25,220 shares during the period.

Baidu Stock Performance

The firm has a market cap of $29.88 billion, a price-to-earnings ratio of 8.57 and a beta of 0.33. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.29 and a quick ratio of 2.29. The company has a fifty day moving average price of $86.70 and a two-hundred day moving average price of $87.69.

Baidu Company Profile

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.

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