Ovata Capital Management Ltd Purchases New Shares in Baidu, Inc. $BIDU

Ovata Capital Management Ltd acquired a new stake in Baidu, Inc. (NASDAQ:BIDU) in the third quarter, Holdings Channel reports. The institutional investor acquired 5,000 shares of the information services provider’s stock, valued at approximately $685,000.

Other large investors have also modified their holdings of the company. Schroder Investment Management Group purchased a new stake in shares of Baidu during the 3rd quarter worth about $165,334,000. RPD Fund Management LLC increased its stake in shares of Baidu by 161.6% in the 2nd quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider’s stock valued at $107,959,000 after purchasing an additional 777,570 shares in the last quarter. Contrarius Group Holdings Ltd raised its holdings in Baidu by 500.3% in the 3rd quarter. Contrarius Group Holdings Ltd now owns 891,749 shares of the information services provider’s stock worth $117,506,000 after purchasing an additional 743,205 shares during the period. Bank of America Corp DE raised its holdings 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 worth $148,804,000 after purchasing an additional 582,832 shares during the period. Finally, Steadfast Capital Management LP purchased a new position in Baidu during the third quarter worth approximately $59,966,000.

Baidu Price Performance

NASDAQ:BIDU opened at $120.69 on Wednesday. Baidu, Inc. has a 12 month low of $74.71 and a 12 month high of $165.30. The stock has a 50 day moving average of $139.56 and a two-hundred day moving average of $129.26. The company has a current ratio of 1.76, a quick ratio of 1.91 and a debt-to-equity ratio of 0.22. The firm has a market cap of $41.69 billion, a P/E ratio of 75.91 and a beta of 0.33.

Wall Street Analysts Forecast Growth

Several analysts have commented on BIDU shares. UBS Group reissued a “buy” rating on shares of Baidu in a report on Wednesday, February 4th. Nomura reduced their target price on Baidu from $196.00 to $186.00 and set a “buy” rating for the company in a research note on Friday, March 6th. Zacks Research lowered Baidu from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. JPMorgan Chase & Co. raised shares of Baidu from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $110.00 to $188.00 in a research note on Monday, November 24th. Finally, National Bank Financial raised shares of Baidu to an “outperform” rating in a report on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $157.89.

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.