Bastion Asset Management Inc. Takes $4.37 Million Position in Baidu, Inc. (NASDAQ:BIDU)

Key Points

• Bastion Asset Management Inc. has acquired a new stake in Baidu, Inc., purchasing 46,495 shares valued at approximately $4.37 million, making Baidu 2.4% of their investment portfolio.
• Several institutional investors increased their stakes in Baidu during the 1st quarter, indicating growing interest in the company.
• Currently, Baidu's stock has a market capitalization of $31.37 billion and an average analyst rating of "Hold" with a consensus price target of $105.09.

Bastion Asset Management Inc. bought a new stake 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. The firm bought 46,495 shares of the information services provider's stock, valued at approximately $4,374,000. Baidu accounts for 2.4% of Bastion Asset Management Inc.'s portfolio, making the stock its 16th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. FNY Investment Advisers LLC acquired a new position 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 about $274,000. Ameriprise Financial Inc. increased 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 acquiring an additional 3,200 shares during the last quarter. Diametric Capital LP boosted its position in shares of Baidu by 51.9% in the fourth quarter. Diametric Capital LP now owns 8,218 shares of the information services provider's stock worth $693,000 after buying an additional 2,809 shares during the period. Finally, Cantor Fitzgerald L. P. boosted its position in shares of Baidu by 1,510.9% in the fourth quarter. Cantor Fitzgerald L. P. now owns 399,975 shares of the information services provider's stock worth $33,722,000 after buying an additional 375,145 shares during the period.

Baidu Stock Performance

BIDU traded down $0.36 during midday trading on Wednesday, reaching $86.45. The company had a trading volume of 1,307,040 shares, compared to its average volume of 4,442,613. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.29 and a current ratio of 2.29. The stock has a market cap of $29.86 billion, a PE ratio of 8.58 and a beta of 0.33. Baidu, Inc. has a 12-month low of $74.71 and a 12-month high of $116.25. The business has a 50-day moving average price of $86.71 and a two-hundred day moving average price of $88.17.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BIDU. Macquarie reissued a "neutral" rating on shares of Baidu in a report on Wednesday, May 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 research report on Friday, July 18th. Benchmark reduced their price objective on Baidu from $130.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, May 22nd. Citigroup raised their target price on Baidu from $138.00 to $140.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Finally, Jefferies Financial Group cut their price objective on Baidu from $120.00 to $110.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Baidu has an average rating of "Hold" and an average target price of $105.09.

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.