Balboa Wealth Partners Sells 730 Shares of Baidu, Inc. (NASDAQ:BIDU)

Balboa Wealth Partners lowered its holdings in Baidu, Inc. (NASDAQ:BIDU) by 22.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,594 shares of the information services provider’s stock after selling 730 shares during the quarter. Balboa Wealth Partners’ holdings in Baidu were worth $273,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Primecap Management Co. CA raised its position in shares of Baidu by 17.2% during the second quarter. Primecap Management Co. CA now owns 11,947,706 shares of the information services provider’s stock valued at $1,033,238,000 after buying an additional 1,753,577 shares during the last quarter. Federated Hermes Inc. raised its holdings in Baidu by 3.7% in the 2nd quarter. Federated Hermes Inc. now owns 1,884,556 shares of the information services provider’s stock valued at $162,976,000 after acquiring an additional 67,331 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Baidu by 1.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,344,309 shares of the information services provider’s stock worth $116,263,000 after acquiring an additional 14,878 shares during the period. International Assets Investment Management LLC increased its stake in Baidu by 12,065.6% in the third quarter. International Assets Investment Management LLC now owns 1,070,694 shares of the information services provider’s stock valued at $1,127,330,000 after acquiring an additional 1,061,893 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in Baidu by 49.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,018,685 shares of the information services provider’s stock worth $107,247,000 after purchasing an additional 338,110 shares in the last quarter.

Baidu Trading Up 0.6 %

Shares of NASDAQ BIDU opened at $84.58 on Friday. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.19. Baidu, Inc. has a twelve month low of $79.68 and a twelve month high of $126.23. The company’s fifty day moving average is $93.53 and its 200-day moving average is $93.69. The stock has a market cap of $29.66 billion, a price-to-earnings ratio of 11.14 and a beta of 0.51.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BIDU shares. Mizuho lowered their price target on Baidu from $130.00 to $115.00 and set an “outperform” rating on the stock in a research report on Tuesday. Susquehanna lowered their target price on shares of Baidu from $135.00 to $105.00 and set a “positive” rating on the stock in a report on Thursday, September 5th. Dbs Bank downgraded shares of Baidu from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 3rd. Hsbc Global Res cut shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Finally, Sanford C. Bernstein lowered shares of Baidu from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $130.00 to $97.00 in a report on Friday, August 23rd. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $127.29.

Baidu Company Profile

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.