Mirae Asset Global Investments Co. Ltd. Cuts Stock Holdings in Baidu, Inc. $BIDU

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of Baidu, Inc. (NASDAQ:BIDU) by 77.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 92,485 shares of the information services provider’s stock after selling 314,363 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Baidu were worth $12,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Capital Advisors Inc. OK bought a new stake in Baidu in the second quarter worth about $1,715,000. Fluent Financial LLC boosted its holdings in shares of Baidu by 16.2% in the second quarter. Fluent Financial LLC now owns 23,606 shares of the information services provider’s stock worth $2,024,000 after acquiring an additional 3,286 shares during the period. Voya Investment Management LLC bought a new position in Baidu in the 3rd quarter worth about $2,027,000. ARK Investment Management LLC grew its stake in Baidu by 129.4% during the second quarter. ARK Investment Management LLC now owns 294,447 shares of the information services provider’s stock valued at $25,252,000 after acquiring an additional 166,088 shares in the last quarter. Finally, Greenwood Capital Associates LLC grew its position in shares of Baidu by 36.9% during the 2nd quarter. Greenwood Capital Associates LLC now owns 38,976 shares of the information services provider’s stock valued at $3,343,000 after purchasing an additional 10,501 shares in the last quarter.

Analyst Upgrades and Downgrades

BIDU has been the subject of several recent analyst reports. Bank of America boosted their price objective on Baidu from $100.00 to $151.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. Deutsche Bank Aktiengesellschaft raised Baidu from a “hold” rating to a “buy” rating and set a $160.00 price objective on the stock in a research note on Thursday, November 6th. Citigroup restated a “buy” rating on shares of Baidu in a report on Tuesday, January 13th. JPMorgan Chase & Co. upgraded Baidu from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $188.00 in a report on Monday, November 24th. Finally, National Bankshares raised shares of Baidu to an “outperform” rating in a research report on Monday, November 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $155.78.

Baidu Price Performance

Shares of NASDAQ BIDU opened at $153.18 on Friday. The firm has a market cap of $52.92 billion, a P/E ratio of 50.89 and a beta of 0.30. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.23. Baidu, Inc. has a twelve month low of $74.71 and a twelve month high of $165.30. The company has a 50 day moving average of $135.21 and a 200 day moving average of $119.14.

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.