Shares of Baidu (NASDAQ: BIDU) popped by more than 10% in morning trading on Wednesday after an SEC filing from BlackRock Asset Management (BLK) indicated that it had increased its stake in the Chinese tech company to 6.6% at the end of the last quarter, up from an ownership stake of 3.5% earlier.
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BLK has currently around $10 trillion worth of assets under management (AUM).
Shares of BIDU have soared by around 26% in the past month.
Wall Street analysts are cautiously optimistic about BIDU stock with a Moderate Buy consensus rating based on 14 Buys, five Holds, and one Sell.