Baidu (NASDAQ:BIDU) Price Target Cut to $130.00 by Analysts at Benchmark

Baidu (NASDAQ:BIDU) had its target price reduced by analysts at Benchmark from $135.00 to $130.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Benchmark’s price target would suggest a potential upside of 63.01% from the company’s current price.

Several other brokerages have also weighed in on BIDU. Hsbc Global Res lowered Baidu from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Bank of America lowered their price objective on shares of Baidu from $128.00 to $117.00 and set a “buy” rating for the company in a research report on Friday, August 23rd. Barclays cut Baidu from an “overweight” rating to an “equal weight” rating in a research report on Friday. Jefferies Financial Group cut their price target on shares of Baidu from $174.00 to $139.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Finally, Dbs Bank lowered shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 3rd. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $126.93.

Baidu Price Performance

Shares of BIDU traded down $1.88 during trading hours on Friday, reaching $79.75. The company had a trading volume of 1,386,131 shares, compared to its average volume of 3,614,855. The firm has a 50 day simple moving average of $93.77 and a 200-day simple moving average of $92.89. The company has a market capitalization of $27.96 billion, a price-to-earnings ratio of 10.55 and a beta of 0.51. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.19. Baidu has a 12-month low of $79.03 and a 12-month high of $126.23.

Institutional Investors Weigh In On Baidu

Several institutional investors have recently modified their holdings of the stock. iA Global Asset Management Inc. acquired a new stake in Baidu in the second quarter valued at approximately $52,000. Denver PWM LLC purchased a new position in shares of Baidu in the 2nd quarter valued at about $67,000. Allspring Global Investments Holdings LLC boosted its position in shares of Baidu by 630.9% in 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 period. Grove Bank & Trust grew its stake in shares of Baidu by 21.6% in the 3rd quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock valued at $77,000 after purchasing an additional 130 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. acquired a new stake in Baidu in the third quarter valued at $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.