Baidu, Inc. $BIDU Shares Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management cut its Baidu stake by 81.9% in the second quarter, selling 86,360 shares and retaining 19,067 shares valued at approximately $2.18 million.
• Baidu shares opened at $86.99, up 3.2%, but remained near their 12-month low of $83.95 and well below the 12-month high of $165.30. The stock’s market capitalization was about $29.6 billion.
• Analyst sentiment was mixed, with a consensus rating of Hold and an average price target of $151.53; recent actions included price-target cuts from Barclays and Bank of America and a downgrade from Zacks Research.

Envestnet Asset Management Inc. cut its position in Baidu, Inc. (NASDAQ:BIDU - Free Report) by 81.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,067 shares of the information services provider's stock after selling 86,360 shares during the period. Envestnet Asset Management Inc.'s holdings in Baidu were worth $2,179,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of BIDU. Keel Point LLC raised its position in shares of Baidu by 1.5% during the 1st quarter. Keel Point LLC now owns 5,215 shares of the information services provider's stock worth $581,000 after acquiring an additional 78 shares in the last quarter. Rakuten Securities Inc. boosted its holdings in Baidu by 20.0% in the second quarter. Rakuten Securities Inc. now owns 587 shares of the information services provider's stock valued at $67,000 after purchasing an additional 98 shares in the last quarter. Steadtrust LLC increased its stake in Baidu by 1.2% in the second quarter. Steadtrust LLC now owns 8,225 shares of the information services provider's stock valued at $940,000 after purchasing an additional 100 shares during the last quarter. Savant Capital LLC increased its stake in Baidu by 7.5% in the fourth quarter. Savant Capital LLC now owns 1,856 shares of the information services provider's stock valued at $243,000 after purchasing an additional 129 shares during the last quarter. Finally, J. Safra Sarasin Holding AG raised its holdings in Baidu by 2.9% during the first quarter. J. Safra Sarasin Holding AG now owns 5,165 shares of the information services provider's stock worth $575,000 after purchasing an additional 147 shares in the last quarter.

Baidu Trading Up 3.2%

NASDAQ:BIDU opened at $86.99 on Tuesday. Baidu, Inc. has a 12-month low of $83.95 and a 12-month high of $165.30. The company has a current ratio of 2.33, a quick ratio of 2.33 and a debt-to-equity ratio of 0.28. The stock's 50 day simple moving average is $96.46 and its 200-day simple moving average is $111.65. The firm has a market cap of $29.60 billion, a P/E ratio of -41.23, a PEG ratio of 3.72 and a beta of 0.59.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BIDU. Barclays lowered their target price on shares of Baidu from $124.00 to $96.00 and set an "equal weight" rating for the company in a report on Wednesday, August 19th. Zacks Research lowered shares of Baidu from a "hold" rating to a "strong sell" rating in a research note on Monday, July 20th. Arete Research set a $108.00 price target on shares of Baidu and gave the company a "neutral" rating in a research report on Monday, September 7th. Weiss Ratings restated a "sell (d)" rating on shares of Baidu in a research note on Thursday, August 13th. Finally, Bank of America dropped their price objective on Baidu from $180.00 to $165.00 and set a "buy" rating on the stock in a report on Tuesday, July 14th. Fourteen analysts have rated the stock with a Buy rating, three have given a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, Baidu has a consensus rating of "Hold" and an average target price of $151.53.

Baidu Profile

Baidu, Inc NASDAQ: BIDU is a Chinese technology company founded in 2000 by Robin Li and Eric Xu. The company is best known for its internet search engine, which provides information retrieval and online services to users primarily in China.

Baidu has expanded beyond search into artificial intelligence, cloud computing, online content, and other technology services. Its AI offerings include the ERNIE family of large language models and related generative artificial intelligence applications.

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