Baidu (NASDAQ:BIDU) Stock Price Up 7.1% – Here’s Why

Baidu, Inc. (NASDAQ:BIDU)’s stock price shot up 7.1% during trading on Tuesday . The stock traded as high as $92.45 and last traded at $93.93. 1,641,925 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 3,676,628 shares. The stock had previously closed at $87.71.

Wall Street Analysts Forecast Growth

BIDU has been the topic of a number of recent research reports. Mizuho lowered their price objective on Baidu from $130.00 to $115.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 12th. Barclays lowered shares of Baidu from an “overweight” rating to an “equal weight” rating in a report on Friday, November 22nd. China Renaissance lowered shares of Baidu from a “buy” rating to a “hold” rating and set a $86.00 target price on the stock. in a report on Monday, November 25th. StockNews.com upgraded shares of Baidu from a “hold” rating to a “buy” rating in a report on Friday, December 27th. Finally, Susquehanna cut Baidu from a “positive” rating to a “neutral” rating and decreased their price objective for the company from $105.00 to $85.00 in a report on Monday, November 25th. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $113.75.

Baidu Trading Up 0.2 %

The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.19 and a current ratio of 2.19. The company’s 50-day moving average price is $86.02 and its 200-day moving average price is $88.56. The firm has a market capitalization of $31.14 billion, a PE ratio of 10.87, a PEG ratio of 2.08 and a beta of 0.46.

Hedge Funds Weigh In On Baidu

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIDU. Sycomore Asset Management purchased a new stake in shares of Baidu during the 4th quarter worth approximately $51,000. Allspring Global Investments Holdings LLC raised its stake in Baidu by 630.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock worth $72,000 after acquiring an additional 593 shares in the last quarter. Grove Bank & Trust lifted its position in Baidu by 21.6% in the third quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock valued at $77,000 after acquiring an additional 130 shares during the last quarter. Transamerica Financial Advisors Inc. acquired a new position in Baidu in the third quarter valued at $82,000. Finally, Denver PWM LLC grew its holdings in shares of Baidu by 28.5% during the third quarter. Denver PWM LLC now owns 991 shares of the information services provider’s stock worth $104,000 after purchasing an additional 220 shares during the last quarter.

Baidu Company 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.