Baidu (NASDAQ:BIDU) Rating Lowered to “Hold” at China Renaissance

Baidu (NASDAQ:BIDU) was downgraded by research analysts at China Renaissance from a “buy” rating to a “hold” rating in a note issued to investors on Monday,Briefing.com Automated Import reports. They presently have a $86.00 price target on the information services provider’s stock. China Renaissance’s target price would indicate a potential upside of 7.06% from the stock’s previous close.

Several other research firms have also recently weighed in on BIDU. Bank of America decreased their price objective on shares of Baidu from $128.00 to $117.00 and set a “buy” rating for the company in a report on Friday, August 23rd. Jefferies Financial Group lowered their price target on Baidu from $174.00 to $139.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Hsbc Global Res lowered Baidu from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 24th. Dbs Bank downgraded Baidu from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 3rd. Finally, Sanford C. Bernstein cut shares of Baidu from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $130.00 to $97.00 in a report on Friday, August 23rd. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $114.92.

Baidu Price Performance

Shares of NASDAQ:BIDU opened at $80.33 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.19 and a current ratio of 2.19. The firm has a market cap of $28.17 billion, a price-to-earnings ratio of 9.83, a price-to-earnings-growth ratio of 1.03 and a beta of 0.51. The business has a 50-day simple moving average of $93.70 and a two-hundred day simple moving average of $92.42. Baidu has a fifty-two week low of $78.95 and a fifty-two week high of $126.23.

Hedge Funds Weigh In On Baidu

A number of hedge funds have recently made changes to their positions in the business. iA Global Asset Management Inc. bought a new position in Baidu in the 2nd quarter worth approximately $52,000. Allspring Global Investments Holdings LLC boosted its position in shares of Baidu by 630.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock worth $72,000 after acquiring an additional 593 shares during the last quarter. Grove Bank & Trust grew its stake in Baidu by 21.6% during the third quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock valued at $77,000 after acquiring an additional 130 shares in the last quarter. Denver PWM LLC bought a new stake in Baidu in the 2nd quarter valued at $67,000. Finally, Transamerica Financial Advisors Inc. purchased a new stake in Baidu in the 3rd quarter worth $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.