ARK Investment Management LLC Takes Position in Baidu, Inc. (NASDAQ:BIDU)

Key Points

• ARK Investment Management LLC acquired a new stake in Baidu, purchasing 128,359 shares valued at approximately $11.8 million during the first quarter.
• Multiple institutional investors, including Raymond James Financial and Mitsubishi UFJ Asset Management, have adjusted their holdings in Baidu, indicating growing interest in the company.
• Analysts have varied ratings on Baidu, with price targets ranging from $110.00 to $140.00, reflecting mixed sentiment in the market.

ARK Investment Management LLC bought a new stake in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 128,359 shares of the information services provider's stock, valued at approximately $11,813,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Bastion Asset Management Inc. purchased a new position in Baidu in the 1st quarter worth $4,374,000. Nikko Asset Management Americas Inc. purchased a new position in shares of Baidu during the 1st quarter valued at about $13,798,000. Assetmark Inc. raised its stake in shares of Baidu by 143.3% during the 1st quarter. Assetmark Inc. now owns 326 shares of the information services provider's stock valued at $30,000 after buying an additional 192 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Baidu by 26.3% during the 1st quarter. Cetera Investment Advisers now owns 30,029 shares of the information services provider's stock valued at $2,764,000 after buying an additional 6,246 shares during the last quarter. Finally, Avantax Advisory Services Inc. grew its position in shares of Baidu by 11.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 10,136 shares of the information services provider's stock valued at $933,000 after acquiring an additional 1,031 shares during the period.

Analysts Set New Price Targets

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

Baidu Price Performance

Shares of Baidu stock traded down $0.35 during mid-day trading on Wednesday, reaching $86.45. 1,307,040 shares of the stock were exchanged, compared to its average volume of 4,442,613. The company has a market cap of $29.86 billion, a price-to-earnings ratio of 8.58 and a beta of 0.33. The company has a current ratio of 2.29, a quick ratio of 2.29 and a debt-to-equity ratio of 0.27. The firm has a 50-day simple moving average of $86.71 and a 200 day simple moving average of $88.17. Baidu, Inc. has a fifty-two week low of $74.71 and a fifty-two week high of $116.25.

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.