NewEdge Advisors LLC Purchases 50,126 Shares of Baidu, Inc. $BIDU

Key Points

• NewEdge Advisors more than doubled its Baidu position in the second quarter, purchasing 50,126 additional shares to hold 97,981 shares valued at approximately $11.2 million.
• Analyst sentiment remains mixed but leans positive: Baidu has a “Moderate Buy” consensus rating and an average price target of $152.94, despite recent downgrades from several firms.
• Baidu shares opened at $91.40, near the company’s 52-week low of $89.60 and well below its 52-week high of $165.30; the stock has a market capitalization of about $31.1 billion.

NewEdge Advisors LLC increased its position in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) by 104.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,981 shares of the information services provider's stock after purchasing an additional 50,126 shares during the quarter. NewEdge Advisors LLC's holdings in Baidu were worth $11,198,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Signature Equity Partners LLC bought a new position in shares of Baidu in the first quarter valued at approximately $25,000. Binnacle Investments Inc acquired a new position in shares of Baidu in the 2nd quarter worth approximately $29,000. Sankala Group LLC bought a new stake in Baidu during the 4th quarter worth approximately $46,000. Brown Brothers Harriman & Co. grew its position in Baidu by 35.0% during the 4th quarter. Brown Brothers Harriman & Co. now owns 405 shares of the information services provider's stock worth $53,000 after acquiring an additional 105 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in Baidu by 25.9% during the 4th quarter. UMB Bank n.a. now owns 428 shares of the information services provider's stock valued at $56,000 after purchasing an additional 88 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Arete Research set a $108.00 price objective on Baidu and gave the company a "neutral" rating in a research report on Monday. Barclays lowered their target price on Baidu from $124.00 to $96.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 19th. Wall Street Zen raised Baidu from a "sell" rating to a "hold" rating in a report on Monday, May 25th. Weiss Ratings reiterated a "sell (d)" rating on shares of Baidu in a research report on Thursday, August 13th. Finally, Zacks Research downgraded shares of Baidu from a "hold" rating to a "strong sell" rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, Baidu presently has an average rating of "Moderate Buy" and an average price target of $152.94.

Baidu Stock Up 0.9%

Shares of BIDU opened at $91.40 on Friday. The business's fifty day moving average price is $103.64 and its two-hundred day moving average price is $115.71. The firm has a market capitalization of $31.10 billion, a price-to-earnings ratio of -43.32, a PEG ratio of 4.00 and a beta of 0.57. Baidu, Inc. has a 52 week low of $89.60 and a 52 week high of $165.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.33 and a current ratio of 2.33.

About Baidu

Baidu, Inc NASDAQ: BIDU is a Chinese technology company that provides internet search, artificial intelligence and related digital services. Its core business is Baidu Search, which helps users find information, products and services online through web search, mobile applications and other content platforms.

The company has expanded its artificial intelligence offerings through products and services such as the ERNIE family of large language models, AI Cloud, intelligent voice technologies and AI-powered applications.

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