Baidu (NASDAQ:BIDU) Shares Gap Up to $104.22

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Baidu Inc (NASDAQ:BIDU)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $108.44, but opened at $104.22. Baidu shares last traded at $110.67, with a volume of 10,440,417 shares changing hands.

Several equities analysts recently commented on the company. CLSA set a $138.00 price objective on Baidu and gave the company a “buy” rating in a research note on Monday, July 8th. BidaskClub upgraded Baidu from a “strong sell” rating to a “sell” rating in a research note on Wednesday. Credit Suisse Group reiterated an “outperform” rating on shares of Baidu in a research note on Wednesday, July 17th. Macquarie set a $131.00 price objective on Baidu and gave the company a “hold” rating in a research note on Thursday, July 4th. Finally, HSBC upped their price objective on Baidu from $137.00 to $141.00 and gave the company a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $169.00.

The stock has a market cap of $36.41 billion, a PE ratio of 13.52, a P/E/G ratio of 5.29 and a beta of 1.70. The firm has a 50-day simple moving average of $108.73 and a 200-day simple moving average of $140.80. The company has a quick ratio of 2.76, a current ratio of 2.76 and a debt-to-equity ratio of 0.34.

Baidu announced that its board has initiated a stock repurchase program on Thursday, May 16th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 1.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Large investors have recently bought and sold shares of the business. Bank of Montreal Can lifted its position in shares of Baidu by 219.8% during the first quarter. Bank of Montreal Can now owns 792,685 shares of the information services provider’s stock worth $130,674,000 after acquiring an additional 544,799 shares in the last quarter. Strs Ohio bought a new position in shares of Baidu in the first quarter worth $9,891,000. YorkBridge Wealth Partners LLC increased its holdings in shares of Baidu by 8.6% in the first quarter. YorkBridge Wealth Partners LLC now owns 2,739 shares of the information services provider’s stock worth $452,000 after purchasing an additional 218 shares during the period. Jacobs & Co. CA bought a new position in shares of Baidu in the first quarter worth $2,144,000. Finally, Advisor Group Inc. increased its holdings in shares of Baidu by 17.2% in the second quarter. Advisor Group Inc. now owns 29,120 shares of the information services provider’s stock worth $3,417,000 after purchasing an additional 4,268 shares during the period. Hedge funds and other institutional investors own 58.10% of the company’s stock.

Baidu Company Profile (NASDAQ:BIDU)

Baidu, Inc provides Internet search services in China and internationally. It operates through two segments, Baidu Core and iQIYI. The Baidu Core segment offers products for uses, including Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services through its other properties and Union partners; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Haokan, a short video app; and Quanmin, a flash video app for users to create and share short videos.

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