Baidu (NASDAQ:BIDU) Stock Rating Upgraded by China Renaissance

Baidu (NASDAQ:BIDU) was upgraded by investment analysts at China Renaissance from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has a $180.00 price target on the information services provider’s stock, up from their prior price target of $134.00. China Renaissance’s price objective would suggest a potential upside of 23.12% from the company’s current price.

Other analysts also recently issued research reports about the stock. Morgan Stanley set a $150.00 price objective on shares of Baidu in a research report on Tuesday, January 20th. Deutsche Bank Aktiengesellschaft raised shares of Baidu from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a research note on Thursday, November 6th. The Goldman Sachs Group lifted their price target on shares of Baidu from $154.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Benchmark reiterated a “buy” rating on shares of Baidu in a report on Monday, January 12th. Finally, Citigroup reissued a “buy” rating on shares of Baidu in a research report on Tuesday, January 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $157.05.

Baidu Trading Down 1.6%

NASDAQ BIDU traded down $2.37 during trading hours on Tuesday, hitting $146.20. 502,641 shares of the company’s stock were exchanged, compared to its average volume of 3,700,322. The firm has a market cap of $50.50 billion, a price-to-earnings ratio of 48.42 and a beta of 0.30. The stock has a 50-day simple moving average of $135.80 and a 200 day simple moving average of $119.99. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Baidu has a 1-year low of $74.71 and a 1-year high of $165.30.

Hedge Funds Weigh In On Baidu

Large investors have recently added to or reduced their stakes in the business. Primecap Management Co. CA boosted its stake in Baidu by 1.4% during the 2nd quarter. Primecap Management Co. CA now owns 12,116,750 shares of the information services provider’s stock valued at $1,039,132,000 after purchasing an additional 170,414 shares during the last quarter. RPD Fund Management LLC grew its holdings in Baidu by 161.6% during the second quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider’s stock worth $107,959,000 after buying an additional 777,570 shares in the last quarter. Schroder Investment Management Group purchased a new stake in Baidu in the 3rd quarter valued at $165,334,000. Bank of America Corp DE raised its position in Baidu by 106.7% in the 3rd quarter. Bank of America Corp DE now owns 1,129,272 shares of the information services provider’s stock valued at $148,804,000 after buying an additional 582,832 shares during the last quarter. Finally, Capital World Investors lifted its stake in Baidu by 0.5% during the 3rd quarter. Capital World Investors now owns 977,817 shares of the information services provider’s stock valued at $128,847,000 after acquiring an additional 5,343 shares in the last quarter.

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.