Citigroup Inc. Reduces Position in Baidu, Inc. (NASDAQ:BIDU)

Citigroup Inc. reduced its stake in Baidu, Inc. (NASDAQ:BIDU) by 21.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 261,931 shares of the information services provider’s stock after selling 70,688 shares during the quarter. Citigroup Inc.’s holdings in Baidu were worth $27,579,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. iA Global Asset Management Inc. purchased a new position in Baidu in the 2nd quarter valued at about $52,000. Denver PWM LLC acquired a new position in Baidu in the 2nd quarter valued at $67,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Baidu by 630.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock worth $72,000 after purchasing an additional 593 shares during the period. Grove Bank & Trust grew its position in shares of 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 purchasing an additional 130 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake 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 valued at $97,000 after purchasing an additional 555 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on BIDU shares. Jefferies Financial Group decreased their price target on Baidu from $174.00 to $139.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. China Renaissance downgraded shares of Baidu from a “buy” rating to a “hold” rating and set a $86.00 target price for the company. in a report on Monday. Hsbc Global Res downgraded shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Benchmark dropped their price objective on Baidu from $135.00 to $130.00 and set a “buy” rating for the company in a report on Friday. Finally, Sanford C. Bernstein cut Baidu from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $130.00 to $97.00 in a report on Friday, August 23rd. Ten 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, Baidu has a consensus rating of “Hold” and an average target price of $114.92.

Baidu Stock Up 2.9 %

NASDAQ BIDU opened at $82.67 on Tuesday. 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 fifty-two week low of $78.95 and a fifty-two week high of $126.23. The business has a 50 day moving average price of $93.67 and a two-hundred day moving average price of $92.22. The stock has a market cap of $28.99 billion, a PE ratio of 10.12, a P/E/G ratio of 1.03 and a beta of 0.51.

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.