Barometer Capital Management Inc. Trims Holdings in Baidu, Inc. $BIDU

Barometer Capital Management Inc. cut its stake in Baidu, Inc. (NASDAQ:BIDU) by 80.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,625 shares of the information services provider’s stock after selling 57,060 shares during the period. Barometer Capital Management Inc.’s holdings in Baidu were worth $1,518,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Baidu in the fourth quarter valued at about $2,626,000. Yarbrough Capital LLC bought a new position in Baidu during the 4th quarter worth about $1,697,000. TT International Asset Management LTD purchased a new position in Baidu during the 4th quarter valued at about $33,727,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Baidu by 112.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 669,619 shares of the information services provider’s stock valued at $87,492,000 after purchasing an additional 354,630 shares in the last quarter. Finally, Kercheville Advisors LLC raised its holdings in shares of Baidu by 81.8% in the 4th quarter. Kercheville Advisors LLC now owns 18,275 shares of the information services provider’s stock valued at $2,388,000 after purchasing an additional 8,225 shares in the last quarter.

Baidu Trading Down 1.4%

NASDAQ BIDU opened at $108.22 on Wednesday. Baidu, Inc. 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 $36.82 billion, a PE ratio of -901.76, a P/E/G ratio of 2.38 and a beta of 0.56. The company has a fifty day moving average of $120.47 and a 200 day moving average of $127.89.

Analyst Upgrades and Downgrades

BIDU has been the topic of a number of recent research reports. BNP Paribas Exane initiated coverage on shares of Baidu in a research note on Wednesday, April 1st. They set an “outperform” rating and a $161.00 price objective on the stock. Barclays lowered their target price on Baidu from $128.00 to $124.00 and set an “equal weight” rating for the company in a report on Monday, July 13th. Citigroup reiterated a “buy” rating on shares of Baidu in a report on Tuesday, June 23rd. Zacks Research raised Baidu from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Finally, Susquehanna raised their price objective on Baidu from $120.00 to $140.00 and gave the company a “neutral” rating in a research report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Baidu has a consensus rating of “Moderate Buy” and a consensus target price of $165.33.

Baidu Company Profile

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.