Baidu (NASDAQ:BIDU) Price Target Lowered to $165.00 at Bank of America

Baidu (NASDAQ:BIDU) had its price objective dropped by research analysts at Bank of America from $180.00 to $165.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Bank of America‘s price target would indicate a potential upside of 53.35% from the stock’s current price.

A number of other analysts also recently weighed in on BIDU. Nomura upped their target price on Baidu from $186.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Benchmark reaffirmed a “buy” rating and issued a $215.00 price target on shares of Baidu in a research note on Tuesday, May 19th. Citigroup reaffirmed a “buy” rating on shares of Baidu in a research report on Tuesday, June 23rd. Zacks Research upgraded shares of Baidu from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Morgan Stanley raised their target price on shares of Baidu from $135.00 to $140.00 in a report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Baidu currently has an average rating of “Moderate Buy” and an average price target of $163.11.

Baidu Price Performance

NASDAQ:BIDU traded down $5.79 during trading hours on Tuesday, reaching $107.60. 790,720 shares of the company were exchanged, compared to its average volume of 2,599,035. The business has a 50 day moving average of $123.96 and a 200 day moving average of $128.61. Baidu has a 1-year low of $84.64 and a 1-year high of $165.30. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.85 and a quick ratio of 1.85. The company has a market capitalization of $36.61 billion, a P/E ratio of -893.88, a P/E/G ratio of 2.01 and a beta of 0.56.

Institutional Investors Weigh In On Baidu

A number of institutional investors have recently added to or reduced their stakes in the business. RPD Fund Management LLC increased its position in Baidu by 161.6% in the 2nd quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider’s stock valued at $107,959,000 after acquiring an additional 777,570 shares during the period. Morgan Stanley lifted its holdings in shares of Baidu by 38.0% during the fourth quarter. Morgan Stanley now owns 2,709,426 shares of the information services provider’s stock worth $354,014,000 after purchasing an additional 745,588 shares during the period. ARK Investment Management LLC lifted its holdings in shares of Baidu by 127.8% during the fourth quarter. ARK Investment Management LLC now owns 1,157,878 shares of the information services provider’s stock worth $151,288,000 after purchasing an additional 649,490 shares during the period. Bank of America Corp DE grew its stake in shares of Baidu by 106.7% in the third quarter. Bank of America Corp DE now owns 1,129,272 shares of the information services provider’s stock worth $148,804,000 after purchasing an additional 582,832 shares during the last quarter. Finally, Steadfast Capital Management LP acquired a new stake in Baidu in the third quarter valued at $59,966,000.

About Baidu

Baidu, Inc, founded in 2000 and headquartered in Beijing, is a Chinese multinational technology company best known for operating one of China’s leading internet search engines. The company built its business around online search and related advertising services, providing search, content aggregation and targeted ad placements to consumers and marketers across China. Baidu went public on the NASDAQ in 2005 and has since diversified beyond search into a broader technology and AI-focused portfolio.

Core products and services include the Baidu search platform and mobile app, Baidu Maps and Baidu Baike (an online encyclopedia), along with digital content initiatives.