Baidu, Inc. (NASDAQ:BIDU) Position Trimmed by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd trimmed its stake in Baidu, Inc. (NASDAQ:BIDU) by 48.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,400 shares of the information services provider’s stock after selling 17,200 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Baidu were worth $1,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. iA Global Asset Management Inc. acquired a new stake in Baidu during the second quarter valued at $52,000. Denver PWM LLC bought a new stake in shares of Baidu in the 2nd quarter valued at approximately $67,000. Allspring Global Investments Holdings LLC increased its holdings in Baidu by 630.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock worth $72,000 after buying an additional 593 shares during the last quarter. Grove Bank & Trust lifted its stake in Baidu by 21.6% in the third quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock valued at $77,000 after acquiring an additional 130 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Baidu by 102.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,098 shares of the information services provider’s stock worth $97,000 after acquiring an additional 555 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have commented on BIDU shares. Sanford C. Bernstein downgraded shares of Baidu from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $130.00 to $97.00 in a research report on Friday, August 23rd. Loop Capital cut their price objective on Baidu from $120.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Barclays lowered Baidu from an “overweight” rating to an “equal weight” rating in a report on Friday. Susquehanna downgraded shares of Baidu from a “positive” rating to a “neutral” rating and decreased their price objective for the stock from $105.00 to $85.00 in a report on Monday. Finally, StockNews.com downgraded shares of Baidu from a “buy” rating to a “hold” rating in a report on Friday, October 25th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Baidu presently has a consensus rating of “Hold” and a consensus price target of $114.92.

Baidu Stock Performance

NASDAQ:BIDU opened at $82.67 on Tuesday. The firm has a market capitalization of $28.99 billion, a PE ratio of 10.12, a price-to-earnings-growth ratio of 1.03 and a beta of 0.51. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.18. Baidu, Inc. has a 12-month low of $78.95 and a 12-month high of $126.23. The firm has a 50-day moving average price of $93.67 and a 200 day moving average price of $92.22.

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.