Baidu (NASDAQ:BIDU) Cut to “Market Perform” at Sanford C. Bernstein

Sanford C. Bernstein lowered shares of Baidu (NASDAQ:BIDU) from an outperform rating to a market perform rating in a report released on Friday, MarketBeat Ratings reports. The firm currently has $97.00 price objective on the information services provider’s stock, down from their previous price objective of $130.00.

BIDU has been the topic of several other research reports. Morgan Stanley downgraded Baidu from an overweight rating to an equal weight rating and dropped their target price for the stock from $140.00 to $125.00 in a research report on Friday, May 17th. Susquehanna dropped their target price on Baidu from $150.00 to $135.00 and set a positive rating on the stock in a research report on Friday, May 24th. Citigroup dropped their target price on Baidu from $170.00 to $155.00 and set a buy rating on the stock in a research report on Monday, July 15th. Benchmark dropped their target price on Baidu from $180.00 to $135.00 and set a buy rating on the stock in a research report on Wednesday, July 31st. Finally, Macquarie downgraded Baidu from a strong-buy rating to a hold rating in a research report on Friday, May 17th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $138.13.

Baidu Price Performance

Baidu stock opened at $85.70 on Friday. The company has a market cap of $30.05 billion, a price-to-earnings ratio of 11.47 and a beta of 0.49. The business’s 50 day simple moving average is $88.96 and its 200 day simple moving average is $98.37. Baidu has a 12 month low of $79.68 and a 12 month high of $151.00. The company has a current ratio of 2.79, a quick ratio of 2.79 and a debt-to-equity ratio of 0.25.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its holdings in shares of Baidu by 14.5% during the first quarter. Nordea Investment Management AB now owns 398,387 shares of the information services provider’s stock worth $42,125,000 after purchasing an additional 50,599 shares during the period. Trexquant Investment LP purchased a new stake in shares of Baidu during the fourth quarter worth about $1,476,000. SRN Advisors LLC boosted its holdings in shares of Baidu by 111.5% during the first quarter. SRN Advisors LLC now owns 15,694 shares of the information services provider’s stock worth $1,652,000 after purchasing an additional 8,272 shares during the period. Perpetual Ltd boosted its holdings in shares of Baidu by 45.4% during the first quarter. Perpetual Ltd now owns 147,165 shares of the information services provider’s stock worth $15,451,000 after purchasing an additional 45,975 shares during the period. Finally, Jennison Associates LLC boosted its holdings in shares of Baidu by 54.5% during the fourth quarter. Jennison Associates LLC now owns 85,306 shares of the information services provider’s stock worth $10,159,000 after purchasing an additional 30,103 shares during the period.

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.