Baidu (NASDAQ:BIDU) Trading 3.4% Higher – Here’s What Happened

Baidu, Inc. (NASDAQ:BIDU)’s stock price shot up 3.4% during trading on Wednesday . The company traded as high as $99.23 and last traded at $98.63. 2,014,792 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 3,944,704 shares. The stock had previously closed at $95.38.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Benchmark reaffirmed a “buy” rating and set a $130.00 price target on shares of Baidu in a research report on Wednesday, February 19th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Baidu in a research note on Saturday, March 8th. JPMorgan Chase & Co. cut shares of Baidu from an “overweight” rating to a “neutral” rating in a research note on Wednesday, November 27th. StockNews.com cut Baidu from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Finally, Daiwa Capital Markets reaffirmed an “outperform” rating on shares of Baidu in a research note on Tuesday, February 18th. Thirteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Baidu currently has a consensus rating of “Hold” and a consensus price target of $111.25.

Baidu Stock Performance

The company has a quick ratio of 2.19, a current ratio of 2.09 and a debt-to-equity ratio of 0.19. The stock has a market cap of $33.96 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 2.96 and a beta of 0.47. The firm has a 50 day moving average price of $90.73 and a 200 day moving average price of $90.14.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Rialto Wealth Management LLC purchased a new position in Baidu in the fourth quarter valued at about $42,000. Sycomore Asset Management bought a new position in shares of Baidu during the 4th quarter worth approximately $51,000. GeoWealth Management LLC lifted its position in Baidu by 88.5% during the fourth quarter. GeoWealth Management LLC now owns 656 shares of the information services provider’s stock valued at $55,000 after acquiring an additional 308 shares during the last quarter. Transamerica Financial Advisors Inc. acquired a new stake in Baidu in the third quarter valued at approximately $82,000. Finally, Denver PWM LLC lifted its holdings in shares of Baidu by 28.5% during the 3rd quarter. Denver PWM LLC now owns 991 shares of the information services provider’s stock valued at $104,000 after purchasing an additional 220 shares during the last quarter.

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.