5 Best Cheap Stocks To Buy Now According To Ray Dalio

Published on December 5, 2020 at 9:47 am by Sorina Solonaru in Hedge Funds

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2. Baidu, Inc. (NASDAQ:BIDU)

Bridgewater increased its stake in Baidu, Inc. (NASDAQ:BIDU), a Chinese technology company offering Internet-related services and products. The firm’s position was worth $61.5 million at the end of September and consisted of 486,021 shares. There was no change in hedge fund interest towards the stock during Q2, with a total of 49 hedge funds tracked by Insider Monkey holding long positions in BIDU. However, the number of hedge fund positions dipped to 43 by the end of September.

According to Yahoo Finance, BIDU is trading at a trailing PE ratio of 11.20 and is worth $49 billion. The stock returned 19.86% from the end of June (through December 2nd), slightly more than the market’s return of 19.42% during the same period. The company is also reporting strong third-quarter financial results, having benefited from the recovery in the Chinese economy. Hermany Yu, CFO of Baidu highlights the following:

“Our team executed in the third quarter with top line growth, resilient profitability and strong cash flow, a testament to the durability of Baidu’s business, despite China experiencing a second wave of COVID-19 in July. Our focus on differentiating Baidu with open-platform, in-app search and new AI businesses has enabled Baidu Core’s adjusted EBITDA margin to reach 46% in the third quarter.”