NewEdge Advisors LLC Has $11.20 Million Stake in Baidu, Inc. $BIDU

NewEdge Advisors LLC increased its holdings in shares of Baidu, Inc. (NASDAQ:BIDU) by 104.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 97,981 shares of the information services provider’s stock after purchasing an additional 50,126 shares during the quarter. NewEdge Advisors LLC’s holdings in Baidu were worth $11,198,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Signature Equity Partners LLC bought a new position in Baidu in the first quarter valued at approximately $25,000. Binnacle Investments Inc acquired a new stake in Baidu during the 2nd quarter worth $29,000. Sankala Group LLC bought a new stake in shares of Baidu during the 4th quarter valued at $46,000. Brown Brothers Harriman & Co. raised its position in shares of Baidu by 35.0% during the 4th quarter. Brown Brothers Harriman & Co. now owns 405 shares of the information services provider’s stock valued at $53,000 after acquiring an additional 105 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of Baidu by 25.9% in the 4th quarter. UMB Bank n.a. now owns 428 shares of the information services provider’s stock valued at $56,000 after purchasing an additional 88 shares during the period.

Baidu Trading Up 0.9%

Shares of NASDAQ BIDU opened at $91.40 on Friday. Baidu, Inc. has a twelve month low of $89.60 and a twelve month high of $165.30. The stock has a market cap of $31.10 billion, a price-to-earnings ratio of -43.32, a P/E/G ratio of 4.00 and a beta of 0.57. The company has a quick ratio of 2.33, a current ratio of 2.33 and a debt-to-equity ratio of 0.28. The company’s fifty day moving average is $103.64 and its 200-day moving average is $115.71.

Wall Street Analyst Weigh In

BIDU has been the topic of several recent research reports. Arete Research set a $108.00 price target on Baidu and gave the stock a “neutral” rating in a research report on Monday. Bank of America dropped their price objective on Baidu from $180.00 to $165.00 and set a “buy” rating for the company in a report on Tuesday, July 14th. Susquehanna cut their target price on Baidu from $140.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, August 28th. Zacks Research cut Baidu from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. decreased their target price on Baidu from $230.00 to $205.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $152.94.

Baidu Company Profile

Baidu, Inc (NASDAQ: BIDU) is a Chinese technology company that provides internet search, artificial intelligence and related digital services. Its core business is Baidu Search, which helps users find information, products and services online through web search, mobile applications and other content platforms.

The company has expanded its artificial intelligence offerings through products and services such as the ERNIE family of large language models, AI Cloud, intelligent voice technologies and AI-powered applications.