Baidu, Inc. (NASDAQ:BIDU – Get Free Report)’s share price was down 1.4% on Thursday . The stock traded as low as $88.60 and last traded at $88.68. Approximately 902,228 shares changed hands during trading, a decline of 75% from the average daily volume of 3,661,778 shares. The stock had previously closed at $89.95.
Analysts Set New Price Targets
Several equities research analysts have recently commented on BIDU shares. Citigroup reduced their price objective on Baidu from $170.00 to $155.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Barclays reduced their price target on Baidu from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Jefferies Financial Group lowered their price objective on Baidu from $174.00 to $139.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Benchmark reduced their target price on shares of Baidu from $180.00 to $135.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, HSBC cut shares of Baidu from a “buy” rating to a “hold” rating and set a $100.00 target price on the stock. in a research note on Tuesday, September 24th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $128.36.
Read Our Latest Stock Analysis on BIDU
Baidu Stock Down 0.7 %
Hedge Funds Weigh In On Baidu
Institutional investors have recently bought and sold shares of the business. Crewe Advisors LLC purchased a new stake in shares of Baidu during the 1st quarter valued at about $31,000. iA Global Asset Management Inc. bought a new stake in shares of Baidu in the 2nd quarter valued at approximately $52,000. Denver PWM LLC purchased a new position in shares of Baidu in the 2nd quarter worth approximately $67,000. Allspring Global Investments Holdings LLC increased its position in shares of Baidu by 630.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock valued at $72,000 after purchasing an additional 593 shares during the last quarter. Finally, Grove Bank & Trust raised its holdings in Baidu by 21.6% during the 3rd quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock valued at $77,000 after buying an additional 130 shares during the period.
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.
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