Weiss Asset Management LP Buys New Shares in Baidu, Inc. $BIDU

Key Points

• Weiss Asset Management opened a new position in Baidu during the first quarter, buying 64,000 shares valued at about $7.13 million.
• Other institutional investors also adjusted their Baidu holdings, with firms like RPD Fund Management, Morgan Stanley, ARK Investment Management, and Bank of America all increasing their stakes.
• Baidu shares were down 1.9% to $105.34, while Wall Street sentiment remains constructive overall with a Moderate Buy consensus and an average price target of $165.33.

Weiss Asset Management LP purchased a new position in Baidu, Inc. (NASDAQ:BIDU - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 64,000 shares of the information services provider's stock, valued at approximately $7,131,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. RPD Fund Management LLC increased its stake in shares of Baidu by 161.6% during the 2nd quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider's stock valued at $107,959,000 after acquiring an additional 777,570 shares during the last quarter. Morgan Stanley boosted its position in shares of Baidu by 38.0% in the fourth quarter. Morgan Stanley now owns 2,709,426 shares of the information services provider's stock worth $354,014,000 after acquiring an additional 745,588 shares during the last quarter. ARK Investment Management LLC boosted its position in shares of Baidu by 127.8% in the fourth quarter. ARK Investment Management LLC now owns 1,157,878 shares of the information services provider's stock worth $151,288,000 after acquiring an additional 649,490 shares during the last quarter. Bank of America Corp DE grew its holdings in Baidu by 106.7% in the third quarter. Bank of America Corp DE now owns 1,129,272 shares of the information services provider's stock valued at $148,804,000 after purchasing an additional 582,832 shares during the period. Finally, Steadfast Capital Management LP acquired a new position in Baidu during the third quarter worth approximately $59,966,000.

Baidu Trading Down 1.9%

Shares of BIDU stock opened at $105.34 on Friday. The stock has a market cap of $35.84 billion, a price-to-earnings ratio of -877.76, a price-to-earnings-growth ratio of 2.28 and a beta of 0.56. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.22. Baidu, Inc. has a fifty-two week low of $84.64 and a fifty-two week high of $165.30. The firm's 50 day moving average price is $118.30 and its two-hundred day moving average price is $127.27.

Wall Street Analysts Forecast Growth

BIDU has been the topic of a number of recent analyst reports. Citigroup reaffirmed a "buy" rating on shares of Baidu in a research note on Tuesday, June 23rd. Weiss Ratings cut shares of Baidu from a "hold (c-)" rating to a "sell (d)" rating in a research note on Monday, May 18th. Nomura upped their price objective on Baidu from $186.00 to $190.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. Bank of America cut their target price on Baidu from $180.00 to $165.00 and set a "buy" rating on the stock in a research report on Tuesday, July 14th. Finally, Wall Street Zen upgraded Baidu from a "sell" rating to a "hold" rating in a report on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $165.33.

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.

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