Baidu (NASDAQ:BIDU) Shares Gap Down – Here’s What Happened

Shares of Baidu, Inc. (NASDAQ:BIDU) gapped down prior to trading on Thursday . The stock had previously closed at $117.94, but opened at $113.63. Baidu shares last traded at $114.3790, with a volume of 551,433 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. BNP Paribas Exane assumed coverage on Baidu in a report on Wednesday, April 1st. They set an “outperform” rating and a $161.00 price target for the company. Barclays dropped their price objective on Baidu from $147.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 5th. Zacks Research upgraded Baidu from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Benchmark reaffirmed a “buy” rating and set a $215.00 target price on shares of Baidu in a research note on Tuesday, May 19th. Finally, Susquehanna lifted their target price on Baidu from $120.00 to $140.00 and gave the stock a “neutral” rating in a report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $162.58.

Baidu Stock Performance

The company has a market capitalization of $38.25 billion, a price-to-earnings ratio of -936.86, a P/E/G ratio of 1.95 and a beta of 0.56. The company has a 50 day moving average price of $125.54 and a 200 day moving average price of $129.01. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.85 and a current ratio of 1.85.

Institutional Investors Weigh In On Baidu

A number of hedge funds have recently added to or reduced their stakes in the company. Signature Equity Partners LLC acquired a new position in shares of Baidu during the first quarter worth approximately $25,000. Binnacle Investments Inc acquired a new stake in Baidu in the 2nd quarter valued at $29,000. Sankala Group LLC bought a new stake in Baidu during the 4th quarter valued at $46,000. Brown Brothers Harriman & Co. increased its stake in Baidu by 35.0% during the 4th quarter. Brown Brothers Harriman & Co. now owns 405 shares of the information services provider’s stock valued at $53,000 after purchasing an additional 105 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in Baidu by 25.9% during the fourth quarter. UMB Bank n.a. now owns 428 shares of the information services provider’s stock worth $56,000 after buying an additional 88 shares during the last quarter.

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.