Shah Capital Management Makes New Investment in Baidu, Inc. (NASDAQ:BIDU)

Shah Capital Management purchased a new position in shares of Baidu, Inc. (NASDAQ:BIDU) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 165,000 shares of the information services provider’s stock, valued at approximately $14,269,000. Baidu comprises approximately 3.1% of Shah Capital Management’s portfolio, making the stock its 8th biggest position.

A number of other hedge funds have also recently made changes to their positions in BIDU. Nordea Investment Management AB lifted its position in shares of Baidu by 14.5% in the 1st quarter. Nordea Investment Management AB now owns 398,387 shares of the information services provider’s stock worth $42,125,000 after purchasing an additional 50,599 shares during the period. Trexquant Investment LP purchased a new stake in shares of Baidu in the 4th quarter worth about $1,476,000. SRN Advisors LLC boosted its position in shares of Baidu by 111.5% in the 1st quarter. SRN Advisors LLC now owns 15,694 shares of the information services provider’s stock worth $1,652,000 after purchasing an additional 8,272 shares in the last quarter. Perpetual Ltd grew its stake in shares of Baidu by 45.4% in the 1st quarter. Perpetual Ltd now owns 147,165 shares of the information services provider’s stock worth $15,451,000 after buying an additional 45,975 shares during the last quarter. Finally, SPX Gestao de Recursos Ltda purchased a new stake in shares of Baidu in the 4th quarter worth approximately $11,028,000.

Baidu Price Performance

NASDAQ BIDU opened at $85.39 on Wednesday. The stock has a market cap of $29.94 billion, a price-to-earnings ratio of 11.43 and a beta of 0.48. Baidu, Inc. has a 12 month low of $79.68 and a 12 month high of $136.53. The company’s 50 day moving average is $87.07 and its two-hundred day moving average is $95.49. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.19.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BIDU shares. StockNews.com downgraded Baidu from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Jefferies Financial Group dropped their price target on shares of Baidu from $174.00 to $139.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Bank of America reduced their price objective on shares of Baidu from $128.00 to $117.00 and set a “buy” rating for the company in a research note on Friday, August 23rd. Sanford C. Bernstein downgraded shares of Baidu from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $130.00 to $97.00 in a research note on Friday, August 23rd. Finally, Susquehanna reduced their price target on shares of Baidu from $135.00 to $105.00 and set a “positive” rating for the company in a research report on Thursday, September 5th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $135.13.

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.