Mirae Asset Global Investments Co. Ltd. Sells 4,917,880 Shares of Baidu, Inc. $BIDU

Key Points

• Mirae Asset Global Investments significantly reduced its stake in Baidu, Inc. by 92.4% in Q2, selling nearly 5 million shares, resulting in ownership of only 406,848 shares valued at $34.89 million.
• Despite the drop from Mirae, other investors like Kingstone Capital Partners and Massachusetts Financial Services increased their stakes significantly, with Massachusetts Financial Services raising its ownership by 319.9%.
• Wall Street analysts have mixed views on Baidu, with ratings ranging from strong buy to sell, and an average target price of $122.42, indicating varying expectations about the company's future performance.

Mirae Asset Global Investments Co. Ltd. decreased its stake in Baidu, Inc. (NASDAQ:BIDU - Free Report) by 92.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 406,848 shares of the information services provider's stock after selling 4,917,880 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.12% of Baidu worth $34,891,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of BIDU. Kingstone Capital Partners Texas LLC acquired a new stake in Baidu in the 2nd quarter valued at about $80,618,000. Massachusetts Financial Services Co. MA lifted its stake in Baidu by 319.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 807,322 shares of the information services provider's stock valued at $74,298,000 after purchasing an additional 615,061 shares during the last quarter. Triata Capital Ltd lifted its stake in Baidu by 193.9% in the 1st quarter. Triata Capital Ltd now owns 568,432 shares of the information services provider's stock valued at $52,313,000 after purchasing an additional 375,007 shares during the last quarter. Mondrian Investment Partners LTD lifted its stake in Baidu by 41.7% in the 1st quarter. Mondrian Investment Partners LTD now owns 777,534 shares of the information services provider's stock valued at $71,556,000 after purchasing an additional 228,623 shares during the last quarter. Finally, GMT Capital Corp lifted its stake in Baidu by 43.2% in the 1st quarter. GMT Capital Corp now owns 591,427 shares of the information services provider's stock valued at $54,429,000 after purchasing an additional 178,300 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BIDU shares. Benchmark cut their target price on shares of Baidu from $120.00 to $115.00 and set a "buy" rating for the company in a research note on Thursday, August 21st. Zephirin Group began coverage on shares of Baidu in a research note on Monday, September 15th. They issued a "sell" rating and a $92.00 target price for the company. Wall Street Zen downgraded shares of Baidu from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Barclays cut their price objective on shares of Baidu from $84.00 to $81.00 and set an "equal weight" rating for the company in a research report on Friday, July 18th. Finally, Dbs Bank upgraded shares of Baidu from a "hold" rating to a "buy" rating and raised their price objective for the stock from $85.00 to $177.00 in a research report on Thursday, September 25th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $122.42.

Baidu Stock Up 1.3%

Shares of BIDU opened at $142.00 on Friday. Baidu, Inc. has a 12 month low of $74.71 and a 12 month high of $145.20. The firm's 50 day moving average is $105.07 and its 200-day moving average is $93.50. The stock has a market capitalization of $49.05 billion, a PE ratio of 13.09 and a beta of 0.42. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.19.

Baidu Profile

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.

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