Cibc World Market Inc. Sells 29,151 Shares of Baidu, Inc. $BIDU

Key Points

• Cibc World Market Inc. reduced its Baidu stake by 25.8% in the second quarter, selling 29,151 shares and retaining 83,993 shares valued at approximately $9.6 million.
• Analyst sentiment remains broadly positive, with Baidu holding a consensus “Moderate Buy” rating and an average price target of $156.83, despite several recent target reductions and one “Strong Sell” downgrade.
• Baidu shares opened at $92.18, near their one-year low of $88.66 and well below the one-year high of $165.30; the company has a market capitalization of about $31.36 billion.

Cibc World Market Inc. lessened its holdings in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) by 25.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 83,993 shares of the information services provider's stock after selling 29,151 shares during the quarter. Cibc World Market Inc.'s holdings in Baidu were worth $9,600,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new position in shares of Baidu in the first quarter worth $334,000. EverSource Wealth Advisors LLC lifted its stake 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 purchasing an additional 493 shares in the last quarter. Guggenheim Capital LLC boosted its holdings in shares of Baidu by 53.3% during the 2nd quarter. Guggenheim Capital LLC now owns 9,670 shares of the information services provider's stock valued at $829,000 after purchasing an additional 3,362 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Baidu by 2.6% in the second quarter. First Trust Advisors LP now owns 50,033 shares of the information services provider's stock worth $4,291,000 after purchasing an additional 1,259 shares during the last quarter. Finally, Flow Traders U.S. LLC purchased a new stake in shares of Baidu in the second quarter worth about $254,000.

Analyst Ratings Changes

BIDU has been the topic of several research reports. Barclays reduced their price target on shares of Baidu from $124.00 to $96.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 19th. Benchmark cut their price objective on Baidu from $215.00 to $150.00 and set a "buy" rating on the stock in a research report on Wednesday, August 19th. Citigroup reiterated a "buy" rating on shares of Baidu in a report on Tuesday, June 23rd. Nomura lifted their target price on Baidu from $186.00 to $190.00 and gave the company a "buy" rating in a research note on Wednesday, May 20th. Finally, Zacks Research lowered Baidu from a "hold" rating to a "strong sell" rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $156.83.

Baidu Stock Down 1.1%

BIDU stock opened at $92.18 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.33 and a current ratio of 2.33. Baidu, Inc. has a one year low of $88.66 and a one year high of $165.30. The firm's fifty day moving average is $108.25 and its 200 day moving average is $120.02. The firm has a market cap of $31.36 billion, a PE ratio of -43.69, a P/E/G ratio of 3.32 and a beta of 0.58.

About Baidu

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.

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