Private Advisor Group LLC Cuts Position in Baidu, Inc. (BIDU)
Private Advisor Group LLC cut its stake in Baidu, Inc. (NASDAQ:BIDU) by 57.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,374 shares of the information services provider’s stock after selling 5,996 shares during the period. Private Advisor Group LLC’s holdings in Baidu were worth $799,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Grove Bank & Trust grew its position in Baidu by 74.2% in the second quarter. Grove Bank & Trust now owns 594 shares of the information services provider’s stock worth $106,000 after acquiring an additional 253 shares in the last quarter. Shine Investment Advisory Services Inc. purchased a new position in Baidu in the second quarter worth $112,000. Barnett & Company Inc. grew its position in Baidu by 10.3% in the first quarter. Barnett & Company Inc. now owns 800 shares of the information services provider’s stock worth $138,000 after acquiring an additional 75 shares in the last quarter. Highstreet Asset Management Inc. purchased a new position in Baidu in the second quarter worth $146,000. Finally, Integrated Investment Consultants LLC purchased a new position in Baidu in the second quarter worth $152,000. Institutional investors own 64.15% of the company’s stock.
BIDU has been the subject of several research reports. TheStreet upgraded shares of Baidu from a “c+” rating to a “b” rating in a research report on Monday, July 31st. Nomura upgraded shares of Baidu from a “neutral” rating to a “buy” rating and set a $241.00 target price for the company in a research report on Monday, July 31st. Jefferies Group LLC reiterated a “buy” rating and issued a $208.00 target price on shares of Baidu in a research report on Saturday, July 22nd. HSBC Holdings plc reiterated a “buy” rating and issued a $223.00 target price on shares of Baidu in a research report on Monday, July 10th. Finally, Instinet upgraded shares of Baidu from a “neutral” rating to a “buy” rating and upped their target price for the stock from $180.00 to $241.00 in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $210.77.
Baidu, Inc. (NASDAQ:BIDU) opened at 237.60 on Wednesday. Baidu, Inc. has a 1-year low of $159.54 and a 1-year high of $237.93. The company has a 50-day moving average of $222.64 and a 200-day moving average of $190.65. The company has a market capitalization of $82.39 billion, a P/E ratio of 44.29 and a beta of 1.98.
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Baidu, Inc is a Chinese language Internet search provider. The Company offers a Chinese language search platform on its Baidu.com Website that enables users to find information online, including Webpages, news, images, documents and multimedia files, through links provided on its Website. In addition to serving individual Internet search users, the Company provides a platform for businesses to reach customers.
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