NASDAQ: BIDU stock added $1.50 to its trading price on the August 24 trading session. It opened at $135.28, lowering to $133.85; it hit a high of $137.10 and closed at $134.01 with an intraday trading volume of 3.109 Million. Most importantly, the trading volume in the last trading session was dominated by sellers.
On August 25, Baidu, Inc. stock opened 1.03% below its previous closing price, and at press time, it was trading at $132.78 with a trading volume of $431.509k, reflecting that immense selling pressure in the first half of the ongoing session. Baidu, Inc. has a market capitalization of $48.162 Billion, and its share average trading volume is 2.406 Million.
At press time, BIDU stock price was below its annual price target of $180.25. Despite continuous selling, the company’s stock price surged 6.47% in a week and by 9.98% in a quarter.
BIDU Stock Price Analysis
Significant selling volume was noticed between August 01 and press time, and on August 22, its trading price surged over 2.75%.
If sellers continue to dominate over sellers, then BIDU share price might fall and meet immediate support of $125.15 and possibly next support of $121.33.
In case buyers dominate, there are possibilities that Baidu stock is likely to face resistance at $134.49 followed by $136.56.
At press time, BIDU stock was trading below the 20-day and 100-day exponential moving averages. According to TradingView, 276.408 Million Baidu, Inc. shares are free-floating, and the remaining 42.021k shares are closely held by the company’s financial backers or the board of directors.
Baidu, Inc Earning & Revenue
In Q1 2023, the reported revenue was 3.76% more revenue than estimated $4.37 Billion. In Q2, the reported revenue was 2.32% more than the estimated $4.59 Billion.
Baidu, Inc. is yet to release its third and fourth-quarter revenue. The estimated value according to analysts is $4.85 Billion in Q3 and $5.06 Billion in Q4 2023. Earnings per share of the company showed a significant rise in both quarters. In Q1, EPS surged over 31%, and in Q2, a sharp uptrend of 34% was seen in the reported EPS.
In the financial year 2022, the company reported $17.92 Billion in revenue from which its gross profit was 48%, earnings before interest, taxes, depreciation, and amortization (EBITDA) was 28%, earnings before interest and taxes (EBIT) was 13%, and its net income was 6%.
Technical Levels
Support Level: $125.15 and $121.33
Resistance Level: $134.49 and $136.56
Conclusion
BIDU stock was trading below the 20-day and 100-day exponential moving averages amid sustained selling.The company’s stock price surged over 6.47% in a week and over 9.98% in a quarter. In Q1 2023, Baidu, Inc. was expected to report $4.37 Billion in revenue; however, the reported value was 3.76% more revenue than the estimated figure. As per market analysts, Baidu, Inc. stock will continue to surge.
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/08/25/baidu-inc-stock-continuously-tumbling-reflecting-majority-sellers/