Turn8 Private Wealth Inc. Buys Shares of 13,000 Baidu, Inc. $BIDU

Turn8 Private Wealth Inc. bought a new position in Baidu, Inc. (NASDAQ:BIDU) in the first quarter, HoldingsChannel reports. The institutional investor bought 13,000 shares of the information services provider’s stock, valued at approximately $1,448,000.

Several other hedge funds have also recently modified their holdings of BIDU. Quadrant Capital Group LLC boosted its holdings in Baidu by 0.4% in the fourth quarter. Quadrant Capital Group LLC now owns 20,112 shares of the information services provider’s stock valued at $2,628,000 after purchasing an additional 73 shares during the last quarter. Keel Point LLC lifted its holdings in shares of Baidu by 1.7% in the 3rd quarter. Keel Point LLC now owns 5,144 shares of the information services provider’s stock valued at $678,000 after buying an additional 84 shares during the period. PDS Planning Inc lifted its holdings in shares of Baidu by 5.7% in the 4th quarter. PDS Planning Inc now owns 1,634 shares of the information services provider’s stock valued at $213,000 after buying an additional 88 shares during the period. UMB Bank n.a. boosted its stake in shares of Baidu by 25.9% in the fourth quarter. UMB Bank n.a. now owns 428 shares of the information services provider’s stock worth $56,000 after buying an additional 88 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in Baidu by 8.4% during the fourth quarter. Signaturefd LLC now owns 1,276 shares of the information services provider’s stock worth $167,000 after acquiring an additional 99 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BIDU. Morgan Stanley increased their price target on shares of Baidu from $135.00 to $140.00 in a report on Tuesday, May 19th. Wall Street Zen raised shares of Baidu from a “sell” rating to a “hold” rating in a report on Monday, May 25th. BNP Paribas Exane began coverage on Baidu in a report on Wednesday, April 1st. They issued an “outperform” rating and a $161.00 price target for the company. Nomura increased their price target on Baidu from $186.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Finally, Citigroup restated a “buy” rating on shares of Baidu in a research report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $162.58.

Baidu Price Performance

BIDU stock opened at $113.30 on Friday. Baidu, Inc. has a 52 week low of $84.64 and a 52 week high of $165.30. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.22. The firm has a 50-day simple moving average of $125.14 and a 200-day simple moving average of $128.82. The stock has a market capitalization of $38.55 billion, a P/E ratio of -944.09, a P/E/G ratio of 1.93 and a beta of 0.56.

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.