Allen Investment Management LLC Purchases New Position in Baidu, Inc. (BIDU)
Allen Investment Management LLC purchased a new position in shares of Baidu, Inc. (NASDAQ:BIDU) during the second quarter, according to its most recent filing with the SEC. The institutional investor purchased 4,642 shares of the information services provider’s stock, valued at approximately $830,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Grove Bank & Trust increased its position in shares of Baidu by 74.2% in the second quarter. Grove Bank & Trust now owns 594 shares of the information services provider’s stock worth $106,000 after buying an additional 253 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new position in shares of Baidu during the second quarter worth approximately $112,000. Barnett & Company Inc. increased its position in shares of Baidu by 10.3% in the first quarter. Barnett & Company Inc. now owns 800 shares of the information services provider’s stock worth $138,000 after buying an additional 75 shares during the last quarter. Highstreet Asset Management Inc. acquired a new position in shares of Baidu during the second quarter worth approximately $146,000. Finally, Integrated Investment Consultants LLC acquired a new position in shares of Baidu during the second quarter worth approximately $152,000. 64.15% of the stock is owned by hedge funds and other institutional investors.
Baidu, Inc. (NASDAQ BIDU) opened at 220.69 on Wednesday. Baidu, Inc. has a one year low of $159.54 and a one year high of $233.37. The stock has a market capitalization of $76.53 billion, a price-to-earnings ratio of 41.10 and a beta of 1.95. The company’s 50-day moving average is $210.64 and its 200 day moving average is $187.42.
A number of brokerages recently commented on BIDU. Instinet raised shares of Baidu from a “neutral” rating to a “buy” rating and increased their price target for the company from $180.00 to $241.00 in a report on Monday, July 31st. HSBC Holdings plc reaffirmed a “buy” rating and issued a $245.00 price target (up previously from $223.00) on shares of Baidu in a report on Tuesday, August 1st. TheStreet raised shares of Baidu from a “c+” rating to a “b” rating in a report on Monday, July 31st. Oppenheimer Holdings, Inc. increased their price target on shares of Baidu from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Monday, July 31st. Finally, Macquarie reaffirmed a “top pick” rating on shares of Baidu in a report on Monday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. Baidu presently has a consensus rating of “Buy” and a consensus target price of $209.80.
Baidu Company Profile
Baidu, Inc is a Chinese language Internet search provider. The Company offers a Chinese language search platform on its Baidu.com Website that enables users to find information online, including Webpages, news, images, documents and multimedia files, through links provided on its Website. In addition to serving individual Internet search users, the Company provides a platform for businesses to reach customers.
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