Granite Point Capital Management L.P. Sells 6,000 Shares of Baidu, Inc. (NASDAQ:BIDU)

Granite Point Capital Management L.P. trimmed its stake in shares of Baidu, Inc. (NASDAQ:BIDUGet Rating) by 31.6% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 13,000 shares of the information services provider’s stock after selling 6,000 shares during the quarter. Baidu comprises about 0.6% of Granite Point Capital Management L.P.’s portfolio, making the stock its 21st biggest holding. Granite Point Capital Management L.P.’s holdings in Baidu were worth $1,527,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of BIDU. Retirement Group LLC lifted its position in Baidu by 92.0% during the second quarter. Retirement Group LLC now owns 167 shares of the information services provider’s stock worth $25,000 after purchasing an additional 80 shares during the period. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Baidu during the 2nd quarter worth approximately $34,000. Allworth Financial LP boosted its position in shares of Baidu by 123.7% during the 3rd quarter. Allworth Financial LP now owns 255 shares of the information services provider’s stock worth $30,000 after acquiring an additional 141 shares in the last quarter. Heritage Wealth Management LLC bought a new position in Baidu in the second quarter valued at approximately $39,000. Finally, Wipfli Financial Advisors LLC acquired a new position in Baidu during the third quarter valued at approximately $42,000. Institutional investors own 23.06% of the company’s stock.

Analyst Ratings Changes

BIDU has been the topic of several recent analyst reports. Citigroup decreased their price target on Baidu from $169.00 to $166.00 and set a “buy” rating on the stock in a research note on Wednesday, November 23rd. Mizuho dropped their target price on shares of Baidu from $200.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, November 23rd. The Goldman Sachs Group raised their price target on shares of Baidu from $186.00 to $188.00 and gave the company a “buy” rating in a research note on Tuesday, January 17th. Morgan Stanley lowered their price objective on shares of Baidu from $140.00 to $120.00 in a research report on Wednesday, November 23rd. Finally, UBS Group decreased their target price on shares of Baidu from $185.00 to $182.00 in a research note on Friday, January 20th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $177.28.

Baidu Trading Down 2.6 %

NASDAQ BIDU opened at $132.79 on Wednesday. The firm has a market capitalization of $45.88 billion, a PE ratio of 81.47, a price-to-earnings-growth ratio of 0.69 and a beta of 0.64. The business’s 50-day moving average price is $116.64 and its two-hundred day moving average price is $119.69. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.28. Baidu, Inc. has a 12 month low of $73.58 and a 12 month high of $171.87.

About Baidu

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Baidu, Inc offers internet search services in China. It operates through Baidu Core and iQIYI segments. 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; and Haokan, a short video app.

Further Reading

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Institutional Ownership by Quarter for Baidu (NASDAQ:BIDU)

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