44,555 Shares in Baidu, Inc. (NASDAQ:BIDU) Acquired by Townsquare Capital LLC

Townsquare Capital LLC acquired a new stake in Baidu, Inc. (NASDAQ:BIDU) during the third quarter, Holdings Channel reports. The fund acquired 44,555 shares of the information services provider’s stock, valued at approximately $4,691,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. iA Global Asset Management Inc. purchased a new position in shares of Baidu in the second quarter worth about $52,000. Denver PWM LLC acquired a new stake in Baidu in the 2nd quarter valued at about $67,000. Allspring Global Investments Holdings LLC lifted its stake in Baidu by 630.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock worth $72,000 after purchasing an additional 593 shares in the last quarter. Grove Bank & Trust boosted its holdings in shares of Baidu by 21.6% during the 3rd quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock worth $77,000 after purchasing an additional 130 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. purchased a new stake in shares of Baidu in the third quarter valued at approximately $82,000.

Baidu Stock Performance

Shares of Baidu stock opened at $84.82 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.19 and a quick ratio of 2.19. The stock has a market capitalization of $29.74 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 1.06 and a beta of 0.51. The business has a 50-day moving average of $93.59 and a 200 day moving average of $91.94. Baidu, Inc. has a 12 month low of $78.95 and a 12 month high of $123.74.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Sanford C. Bernstein downgraded Baidu from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $130.00 to $97.00 in a research report on Friday, August 23rd. Bank of America reduced their price target on Baidu from $128.00 to $117.00 and set a “buy” rating on the stock in a report on Friday, August 23rd. Loop Capital dropped their price objective on shares of Baidu from $120.00 to $115.00 and set a “buy” rating for the company in a report on Monday, August 26th. Dbs Bank downgraded shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 3rd. Finally, Barclays cut shares of Baidu from an “overweight” rating to an “equal weight” rating in a research note on Friday, November 22nd. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $114.92.

Baidu 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.