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

Key Points

• Baidu's stock price jumped from a previous close of $101.96 to an opening of $109.64, indicating a strong market interest with a trading volume of over 7.4 million shares.
• Various analysts have set price targets for Baidu, with Benchmark lowering their target to $115 and Barclays adjusting it to $81; currently, Baidu holds a consensus rating of "Hold" with a price target of $104.
• Large investors, including Primecap Management and Mirae Asset Global Investments, have increased their holdings in Baidu, reflecting growing institutional confidence in the company's potential.

Baidu, Inc. (NASDAQ:BIDU - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $101.96, but opened at $109.64. Baidu shares last traded at $108.29, with a volume of 7,418,104 shares changing hands.

Analysts Set New Price Targets

Several research firms have weighed in on BIDU. Macquarie reissued a "neutral" rating on shares of Baidu in a report on Wednesday, May 21st. Benchmark lowered their target price on Baidu from $120.00 to $115.00 and set a "buy" rating on the stock in a report on Thursday, August 21st. Barclays lowered their target price on Baidu from $84.00 to $81.00 and set an "equal weight" rating on the stock in a report on Friday, July 18th. Wall Street Zen lowered Baidu from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Finally, Susquehanna upped their target price on Baidu from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Tuesday, September 2nd. Five analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Baidu presently has a consensus rating of "Hold" and a consensus price target of $104.00.

Baidu Trading Up 6.0%

The business has a fifty day moving average price of $89.58 and a 200 day moving average price of $88.58. The company has a market capitalization of $37.32 billion, a PE ratio of 9.97 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.85 and a current ratio of 1.85.

Hedge Funds Weigh In On Baidu

A number of large investors have recently modified their holdings of the company. Primecap Management Co. CA raised its holdings in shares of Baidu by 1.4% in the 2nd quarter. Primecap Management Co. CA now owns 12,116,750 shares of the information services provider's stock worth $1,039,132,000 after purchasing an additional 170,414 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Baidu by 1,377.5% in 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 purchasing an additional 4,964,350 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Baidu by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,361,973 shares of the information services provider's stock worth $125,338,000 after purchasing an additional 11,658 shares during the period. CoreView Capital Management Ltd raised its holdings in shares of Baidu by 2.0% during the 4th 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. Finally, RPD Fund Management LLC raised its holdings in shares of Baidu by 161.6% during the 2nd quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider's stock valued at $107,959,000 after buying an additional 777,570 shares during the period.

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.

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