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Bank of America Corp DE Raises Position in Baidu, Inc. (NASDAQ:BIDU)

Defense World ·  Sep 25, 2022 04:21

Bank of America Corp DE lifted its stake in shares of Baidu, Inc. (NASDAQ:BIDU – Get Rating) by 63.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 758,170 shares of the information services provider's stock after purchasing an additional 294,082 shares during the period. Bank of America Corp DE's holdings in Baidu were worth $100,307,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Hardy Reed LLC purchased a new position in Baidu in the 1st quarter valued at approximately $30,000. Trustcore Financial Services LLC grew its stake in Baidu by 342.5% in the 1st quarter. Trustcore Financial Services LLC now owns 323 shares of the information services provider's stock valued at $43,000 after buying an additional 250 shares in the last quarter. FourThought Financial LLC grew its stake in Baidu by 61.7% in the 1st quarter. FourThought Financial LLC now owns 359 shares of the information services provider's stock valued at $47,000 after buying an additional 137 shares in the last quarter. Prospera Financial Services Inc purchased a new position in Baidu in the 1st quarter valued at approximately $52,000. Finally, Bourgeon Capital Management LLC bought a new position in Baidu in the 1st quarter valued at $60,000. Hedge funds and other institutional investors own 26.55% of the company's stock.

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Analysts Set New Price Targets

Several research analysts have commented on the stock. UBS Group assumed coverage on shares of Baidu in a report on Friday, September 16th. They issued a "buy" rating for the company. JPMorgan Chase & Co. raised shares of Baidu from a "neutral" rating to an "overweight" rating and raised their price target for the company from $160.00 to $200.00 in a report on Wednesday, August 31st. Macquarie assumed coverage on shares of Baidu in a report on Tuesday, August 23rd. They issued an "outperform" rating and a $188.00 price target for the company. Susquehanna cut their price target on shares of Baidu from $200.00 to $195.00 and set a "positive" rating for the company in a report on Monday, September 12th. Finally, Daiwa Capital Markets cut their price target on shares of Baidu from $215.00 to $210.00 in a report on Tuesday, July 19th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Baidu presently has a consensus rating of "Moderate Buy" and an average target price of $217.87.

Baidu Price Performance

Shares of NASDAQ:BIDU opened at $118.75 on Friday. The stock has a market cap of $41.03 billion, a PE ratio of -20.72, a PEG ratio of 0.89 and a beta of 0.66. The company's fifty day moving average is $136.15 and its 200 day moving average is $135.88. Baidu, Inc. has a 52 week low of $101.62 and a 52 week high of $182.60. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.29.

Baidu Profile

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Baidu, Inc offers internet search services in China. It operates through Baidu Core and iQIYI segments. 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; and Haokan, a short video app.

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