DNB Asset Management AS Purchases New Position in Baidu, Inc. $BIDU

DNB Asset Management AS acquired a new stake in Baidu, Inc. (NASDAQ:BIDU) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 6,528 shares of the information services provider’s stock, valued at approximately $860,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Empowered Funds LLC bought a new stake in Baidu in the 1st quarter worth about $334,000. Envestnet Asset Management Inc. lifted its position in Baidu by 10.1% during the second quarter. Envestnet Asset Management Inc. now owns 10,995 shares of the information services provider’s stock valued at $943,000 after purchasing an additional 1,007 shares during the period. Hantz Financial Services Inc. boosted its holdings in Baidu by 1,166.2% in the second quarter. Hantz Financial Services Inc. now owns 975 shares of the information services provider’s stock worth $84,000 after purchasing an additional 898 shares during the last quarter. Assetmark Inc. grew its position in Baidu by 127.6% in the 2nd quarter. Assetmark Inc. now owns 742 shares of the information services provider’s stock worth $64,000 after purchasing an additional 416 shares during the period. Finally, Savant Capital LLC bought a new stake in Baidu in the 2nd quarter worth approximately $213,000.

Baidu Stock Down 3.9%

Shares of BIDU stock opened at $118.71 on Wednesday. The company has a market capitalization of $41.01 billion, a price-to-earnings ratio of 74.66 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.91 and a quick ratio of 1.91. The company’s fifty day moving average price is $141.96 and its 200-day moving average price is $127.04. Baidu, Inc. has a one year low of $74.71 and a one year high of $165.30.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BIDU. Wall Street Zen upgraded Baidu from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. UBS Group reaffirmed a “buy” rating on shares of Baidu in a research report on Wednesday, February 4th. JPMorgan Chase & Co. upgraded shares of Baidu from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $110.00 to $188.00 in a research report on Monday, November 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Baidu in a research report on Monday, December 29th. Finally, Susquehanna reiterated a “neutral” rating and set a $110.00 price target on shares of Baidu in a research note on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $158.94.

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.