Turn8 Private Wealth Inc. Purchases New Shares in Baidu, Inc. $BIDU

Turn8 Private Wealth Inc. purchased a new position in Baidu, Inc. (NASDAQ:BIDU) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,000 shares of the information services provider’s stock, valued at approximately $1,448,000.

A number of other institutional investors have also added to or reduced their stakes in BIDU. QRG Capital Management Inc. boosted its holdings in shares of Baidu by 15.6% during the 1st quarter. QRG Capital Management Inc. now owns 2,683 shares of the information services provider’s stock valued at $299,000 after buying an additional 362 shares in the last quarter. PFG Investments LLC increased its stake in shares of Baidu by 14.2% in the 1st quarter. PFG Investments LLC now owns 2,330 shares of the information services provider’s stock worth $260,000 after acquiring an additional 290 shares in the last quarter. Union Bancaire Privee UBP SA increased its stake in shares of Baidu by 24.1% in the 1st quarter. Union Bancaire Privee UBP SA now owns 21,738 shares of the information services provider’s stock worth $2,422,000 after acquiring an additional 4,220 shares in the last quarter. Corecam AG purchased a new position in Baidu during the 1st quarter valued at about $1,945,000. Finally, Aaron Wealth Advisors LLC lifted its position in Baidu by 69.3% during the 1st quarter. Aaron Wealth Advisors LLC now owns 3,057 shares of the information services provider’s stock valued at $341,000 after acquiring an additional 1,251 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Baidu from a “sell” rating to a “hold” rating in a report on Monday, May 25th. BNP Paribas Exane assumed coverage on shares of Baidu in a report on Wednesday, April 1st. They set an “outperform” rating and a $161.00 target price for the company. Nomura boosted 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. Citigroup restated a “buy” rating on shares of Baidu in a research note on Tuesday, June 23rd. Finally, Benchmark reaffirmed a “buy” rating and set a $215.00 price objective on shares of Baidu in a research report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Baidu has a consensus rating of “Moderate Buy” and an average target price of $162.58.

Baidu Price Performance

NASDAQ:BIDU opened at $113.30 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.85 and a current ratio of 1.85. The firm has a market cap 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. Baidu, Inc. has a fifty-two week low of $84.64 and a fifty-two week high of $165.30. The firm has a 50-day simple moving average of $125.14 and a two-hundred day simple moving average of $128.82.

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.