Baidu (NASDAQ:BIDU) Trading Up 3.4% – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BIDU. Nomura Securities downgraded Baidu from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 19th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Baidu in a research report on Saturday, March 8th. Mizuho lifted their price target on shares of Baidu from $95.00 to $105.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. StockNews.com downgraded shares of Baidu from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Finally, Nomura cut Baidu from a “buy” rating to a “neutral” rating in a research report on Wednesday, February 19th. Thirteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price 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 fifty day moving average price of $91.40 and a 200-day moving average price of $90.25. The firm has a market cap of $32.74 billion, a price-to-earnings ratio of 10.18, a price-to-earnings-growth ratio of 2.96 and a beta of 0.47.

Hedge Funds Weigh In On Baidu

Institutional investors have recently bought and sold shares of the company. Rialto Wealth Management LLC purchased a new stake in shares of Baidu in the fourth quarter valued at about $42,000. Sycomore Asset Management acquired a new position in Baidu during the 4th quarter worth approximately $51,000. GeoWealth Management LLC raised its stake in shares of Baidu by 88.5% during the 4th quarter. GeoWealth Management LLC now owns 656 shares of the information services provider’s stock worth $55,000 after buying an additional 308 shares in the last quarter. World Investment Advisors LLC acquired a new stake in shares of Baidu in the 3rd quarter valued at approximately $72,000. Finally, Transamerica Financial Advisors Inc. acquired a new position in Baidu during the third quarter worth $82,000.

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.