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

Baidu, Inc. (NASDAQ:BIDU)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $97.48, but opened at $92.79. Baidu shares last traded at $90.17, with a volume of 5,074,413 shares traded.

Analyst Ratings Changes

Several research firms have commented on BIDU. Daiwa Capital Markets reiterated an “outperform” rating on shares of Baidu in a research note on Tuesday. JPMorgan Chase & Co. downgraded Baidu from an “overweight” rating to a “neutral” rating in a research report on Wednesday, November 27th. Susquehanna cut Baidu from a “positive” rating to a “neutral” rating and cut their price objective for the stock from $105.00 to $85.00 in a research report on Monday, November 25th. China Renaissance lowered Baidu from a “buy” rating to a “hold” rating and set a $86.00 target price for the company. in a research report on Monday, November 25th. Finally, StockNews.com raised shares of Baidu from a “hold” rating to a “buy” rating in a report on Friday, December 27th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Baidu presently has an average rating of “Hold” and a consensus target price of $112.08.

Baidu Price Performance

The business’s 50 day moving average is $87.10 and its two-hundred day moving average is $88.79. 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 capitalization of $31.61 billion, a PE ratio of 11.04, a price-to-earnings-growth ratio of 2.03 and a beta of 0.46.

Hedge Funds Weigh In On Baidu

Several hedge funds have recently made changes to their positions in BIDU. Rialto Wealth Management LLC purchased a new stake in Baidu during the 4th quarter worth about $42,000. Sycomore Asset Management purchased a new stake in shares of Baidu in the fourth quarter worth about $51,000. GeoWealth Management LLC lifted its holdings in shares of Baidu by 88.5% in the fourth quarter. GeoWealth Management LLC now owns 656 shares of the information services provider’s stock worth $55,000 after buying an additional 308 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Baidu by 630.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock valued at $72,000 after acquiring an additional 593 shares during the period. Finally, World Investment Advisors LLC purchased a new position in Baidu during the third quarter valued at approximately $72,000.

About Baidu

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.