Absolute Gestao de Investimentos Ltda. Takes Position in Baidu, Inc. $BIDU

Key Points

• Absolute Gestao de Investimentos Ltda. acquired 11,500 shares of Baidu, Inc. for approximately $1,058,000, making it the firm's 26th largest holding.
• Various hedge funds increased their stakes in Baidu, with Cantor Fitzgerald L.P. showing a significant growth of 1,510.9% during the fourth quarter.
• Wall Street analysts currently give Baidu an average rating of "Hold" with an average target price of $105.09.

Absolute Gestao de Investimentos Ltda. acquired a new position in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 11,500 shares of the information services provider's stock, valued at approximately $1,058,000. Baidu comprises approximately 0.4% of Absolute Gestao de Investimentos Ltda.'s portfolio, making the stock its 26th biggest holding.

A number of other hedge funds also recently made changes to their positions in BIDU. FNY Investment Advisers LLC acquired a new stake in Baidu during the first quarter worth approximately $922,000. Janney Montgomery Scott LLC acquired a new stake in Baidu during the first quarter worth approximately $274,000. Ameriprise Financial Inc. grew its stake in Baidu by 7.5% during the fourth quarter. Ameriprise Financial Inc. now owns 45,949 shares of the information services provider's stock worth $3,874,000 after purchasing an additional 3,200 shares during the period. Cantor Fitzgerald L. P. grew its stake in Baidu by 1,510.9% during the fourth quarter. Cantor Fitzgerald L. P. now owns 399,975 shares of the information services provider's stock worth $33,722,000 after purchasing an additional 375,145 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in Baidu by 19.4% during the fourth quarter. Nuveen Asset Management LLC now owns 166,858 shares of the information services provider's stock worth $14,068,000 after purchasing an additional 27,057 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Benchmark decreased their target price on Baidu from $130.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, May 22nd. Jefferies Financial Group decreased their target price on Baidu from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Macquarie reissued a "neutral" rating on shares of Baidu in a research note on Wednesday, May 21st. Citigroup raised their price objective on Baidu from $138.00 to $140.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Finally, Barclays reduced their price objective on Baidu from $84.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, July 18th. Twelve equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Baidu has an average rating of "Hold" and an average target price of $105.09.

Baidu Stock Performance

Shares of Baidu stock opened at $89.85 on Monday. The business's fifty day simple moving average is $87.61 and its 200 day simple moving average is $88.45. The firm has a market capitalization of $31.04 billion, a P/E ratio of 8.91 and a beta of 0.34. Baidu, Inc. has a 12 month low of $74.71 and a 12 month high of $116.25. The company has a current ratio of 2.29, a quick ratio of 2.29 and a debt-to-equity ratio of 0.27.

Baidu 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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