Cibc World Market Inc. Sells 29,855 Shares of Baidu, Inc. $BIDU

Cibc World Market Inc. reduced its stake in Baidu, Inc. (NASDAQ:BIDU) by 23.0% during the third quarter, Holdings Channel.com reports. The fund owned 99,749 shares of the information services provider’s stock after selling 29,855 shares during the quarter. Cibc World Market Inc.’s holdings in Baidu were worth $13,144,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caprock Group LLC purchased a new stake in shares of Baidu in the third quarter valued at approximately $357,000. ABC Arbitrage SA bought a new stake in Baidu during the 3rd quarter valued at $597,000. Wesbanco Bank Inc. bought a new stake in Baidu during the 3rd quarter valued at $246,000. Profund Advisors LLC lifted its holdings in shares of Baidu by 12.8% in the 3rd quarter. Profund Advisors LLC now owns 24,828 shares of the information services provider’s stock worth $3,272,000 after buying an additional 2,821 shares during the period. Finally, Oppenheimer & Co. Inc. grew its position in shares of Baidu by 188.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,095 shares of the information services provider’s stock worth $1,594,000 after buying an additional 7,903 shares in the last quarter.

Baidu Stock Performance

Shares of BIDU stock opened at $138.38 on Friday. The business’s fifty day simple moving average is $139.86 and its 200-day simple moving average is $122.50. The company has a market cap of $47.80 billion, a PE ratio of 45.97 and a beta of 0.32. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Baidu, Inc. has a 12-month low of $74.71 and a 12-month high of $165.30.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BIDU. Weiss Ratings restated a “hold (c)” rating on shares of Baidu in a report on Monday, December 29th. The Goldman Sachs Group boosted their price target on shares of Baidu from $154.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. Benchmark reiterated a “buy” rating on shares of Baidu in a research note on Monday, January 12th. Nomura lifted their price objective on shares of Baidu from $178.00 to $196.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, China Renaissance upgraded Baidu from a “hold” rating to a “buy” rating and upped their target price for the stock from $134.00 to $180.00 in a report on Tuesday, February 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $157.05.

Baidu Profile

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.