Federated Hermes Inc. Sells 841,295 Shares of Baidu, Inc. $BIDU

Federated Hermes Inc. cut its holdings in Baidu, Inc. (NASDAQ:BIDU) by 99.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,300 shares of the information services provider’s stock after selling 841,295 shares during the period. Federated Hermes Inc.’s holdings in Baidu were worth $567,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Primecap Management Co. CA grew its position in Baidu by 1.4% in the second quarter. Primecap Management Co. CA now owns 12,116,750 shares of the information services provider’s stock worth $1,039,132,000 after acquiring an additional 170,414 shares in the last quarter. RPD Fund Management LLC lifted its stake in shares of Baidu by 161.6% in the 2nd quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider’s stock valued at $107,959,000 after purchasing an additional 777,570 shares during the last quarter. Polunin Capital Partners Ltd boosted its holdings in shares of Baidu by 19.9% in the 3rd quarter. Polunin Capital Partners Ltd now owns 412,368 shares of the information services provider’s stock worth $58,556,000 after purchasing an additional 68,496 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Baidu by 28.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 366,002 shares of the information services provider’s stock valued at $31,388,000 after purchasing an additional 82,129 shares during the last quarter. Finally, Rheos Capital Works Inc. bought a new position in shares of Baidu during the 3rd quarter valued at approximately $42,430,000.

Baidu Stock Up 5.0%

Shares of NASDAQ:BIDU opened at $145.93 on Friday. The business’s 50 day moving average is $137.80 and its 200 day moving average is $121.24. The stock has a market cap of $50.41 billion, a P/E ratio of 48.48 and a beta of 0.32. Baidu, Inc. has a 52-week low of $74.71 and a 52-week high of $165.30. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.23.

Analysts Set New Price Targets

BIDU has been the topic of several recent analyst reports. Jefferies Financial Group increased their target price on shares of Baidu from $159.00 to $181.00 and gave the company a “buy” rating in a research note on Friday, January 2nd. Morgan Stanley set a $150.00 price objective on shares of Baidu in a research report on Tuesday, January 20th. Citigroup reissued a “buy” rating on shares of Baidu in a research note on Tuesday, January 13th. UBS Group reaffirmed a “buy” rating on shares of Baidu in a research note on Wednesday. Finally, China Renaissance raised Baidu from a “hold” rating to a “buy” rating and raised their price target for the stock from $134.00 to $180.00 in a research note on Tuesday, February 3rd. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.05.

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.