Bank of America Corp DE Lowers Holdings in Baidu, Inc. $BIDU

Key Points

• Bank of America reduced its Baidu stake by 59.8% in the first quarter, selling 530,128 shares and retaining 356,604 shares valued at approximately $39.7 million.
• Despite the selling, analyst sentiment remains broadly positive: Baidu has a “Moderate Buy” consensus rating and an average price target of $165.33, compared with its recent price of $104.68.
• Baidu shares were down 0.2%, with the stock trading below its 50-day and 200-day moving averages and ranging between a 52-week low of $84.82 and high of $165.30.

Bank of America Corp DE trimmed its holdings in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) by 59.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 356,604 shares of the information services provider's stock after selling 530,128 shares during the period. Bank of America Corp DE owned about 0.10% of Baidu worth $39,733,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Empowered Funds LLC purchased a new position in shares of Baidu during the 1st quarter worth $334,000. EverSource Wealth Advisors LLC lifted its holdings in Baidu by 71.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,182 shares of the information services provider's stock worth $101,000 after buying an additional 493 shares in the last quarter. Guggenheim Capital LLC grew its position in shares of Baidu by 53.3% during the second quarter. Guggenheim Capital LLC now owns 9,670 shares of the information services provider's stock worth $829,000 after buying an additional 3,362 shares in the last quarter. First Trust Advisors LP raised its stake in Baidu by 2.6% during the second quarter. First Trust Advisors LP now owns 50,033 shares of the information services provider's stock valued at $4,291,000 after buying an additional 1,259 shares in the last quarter. Finally, Flow Traders U.S. LLC bought a new position in shares of Baidu in the 2nd quarter worth about $254,000.

Wall Street Analyst Weigh In

Several analysts recently commented on BIDU shares. Citigroup restated a "buy" rating on shares of Baidu in a research report on Tuesday, June 23rd. Morgan Stanley raised their target price on Baidu from $135.00 to $140.00 in a research report on Tuesday, May 19th. Bank of America cut their price target on shares of Baidu from $180.00 to $165.00 and set a "buy" rating on the stock in a report on Tuesday, July 14th. JPMorgan Chase & Co. dropped their price target on Baidu from $230.00 to $205.00 and set an "overweight" rating on the stock in a research report on Friday, July 17th. Finally, Nomura upped their price target on Baidu from $186.00 to $190.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $165.33.

Baidu Stock Down 0.2%

Baidu stock opened at $104.68 on Friday. Baidu, Inc. has a fifty-two week low of $84.82 and a fifty-two week high of $165.30. The company's 50 day simple moving average is $111.43 and its 200 day simple moving average is $122.89. The firm has a market capitalization of $35.62 billion, a price-to-earnings ratio of -872.26, a PEG ratio of 2.27 and a beta of 0.58. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.85 and a quick ratio of 1.85.

Baidu Profile

Baidu, Inc, founded in 2000 and headquartered in Beijing, is a Chinese multinational technology company best known for operating one of China's leading internet search engines. The company built its business around online search and related advertising services, providing search, content aggregation and targeted ad placements to consumers and marketers across China. Baidu went public on the NASDAQ in 2005 and has since diversified beyond search into a broader technology and AI-focused portfolio.

Core products and services include the Baidu search platform and mobile app, Baidu Maps and Baidu Baike (an online encyclopedia), along with digital content initiatives.

Want to see what other hedge funds are holding BIDU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baidu, Inc. (NASDAQ:BIDU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source