Baidu (NASDAQ:BIDU) Shares Gap Down – Here’s What Happened

Baidu, Inc. (NASDAQ:BIDU) gapped down prior to trading on Tuesday . The stock had previously closed at $116.75, but opened at $112.23. Baidu shares last traded at $113.4280, with a volume of 294,579 shares changing hands.

Analyst Ratings Changes

Several brokerages have commented on BIDU. Susquehanna lifted their target price on Baidu from $120.00 to $140.00 and gave the stock a “neutral” rating in a report on Wednesday, May 20th. Weiss Ratings downgraded Baidu from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 18th. Benchmark reaffirmed a “buy” rating and issued a $215.00 price objective on shares of Baidu in a research note on Tuesday, May 19th. Nomura upped their target price on Baidu from $186.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Finally, BNP Paribas Exane assumed coverage on Baidu in a report on Wednesday, April 1st. They issued an “outperform” rating and a $161.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Baidu currently has an average rating of “Moderate Buy” and an average price target of $162.58.

Baidu Stock Down 1.0%

The stock has a market cap of $37.98 billion, a price-to-earnings ratio of -930.01, a P/E/G ratio of 1.92 and a beta of 0.54. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.22. The stock’s 50-day moving average price is $126.84 and its 200-day moving average price is $129.85.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in Baidu in the fourth quarter worth $2,626,000. Yarbrough Capital LLC acquired a new stake in Baidu in the fourth quarter worth $1,697,000. Earnest Partners LLC grew its holdings in Baidu by 21.9% in the third quarter. Earnest Partners LLC now owns 818,930 shares of the information services provider’s stock worth $107,910,000 after purchasing an additional 146,992 shares during the period. TT International Asset Management LTD acquired a new stake in Baidu in the fourth quarter worth $33,727,000. Finally, ARK Investment Management LLC grew its holdings in Baidu by 72.7% in the third quarter. ARK Investment Management LLC now owns 508,388 shares of the information services provider’s stock worth $66,990,000 after purchasing an additional 213,941 shares during the period.

Baidu Company Profile

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.