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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Baidu, Inc.    BIDU

BAIDU, INC.

(BIDU)
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Baidu : Short-seller Muddy Waters takes aim at Chinese social media firm JOYY

11/18/2020 | 03:50pm EST

(Reuters) - China's JOYY Inc shares dropped 20% on Wednesday after U.S. short-seller Muddy Waters accused the social media platform of being a "multibillion-dollar fraud" and decided to bet against the stock.

"We conclude that YY's component businesses are a fraction of the size it reports, and that the company's reported user metrics, revenues, and cash balances are predominantly fraudulent," Muddy Waters said in a report on its website. [https://bit.ly/3lErXvU]

The comment from the short-seller comes days after Chinese search engine giant Baidu Inc decided to acquire JOYY's domestic streaming platform YY Live for $3.36 billion in cash.

Muddy Waters said the deal announcement came just as it was preparing to reveal that its year-long investigation shows YY Live is an "ecosystem of mirages" and "about 90% fraudulent".

JOYY did not immediately respond to a request for comment.

The live streaming platform recorded 41.3 million monthly active users, on average, according to its third-quarter earnings report.

Short interest on JOYY stands at 4.6 million, or 5.7% of outstanding shares, as of Oct. 30, according to Refinitiv data.

(Reporting by Ayanti Bera in Bengaluru; Editing by Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BAIDU, INC. -4.07% 238.87 Delayed Quote.10.47%
JOYY INC. 0.08% 90.08 Delayed Quote.12.63%
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Financials
Sales 2020 107 B 16 487 M 16 487 M
Net income 2020 22 208 M 3 420 M 3 420 M
Net cash 2020 102 B 15 711 M 15 711 M
P/E ratio 2020 24,1x
Yield 2020 -
Capitalization 528 B 81 473 M 81 310 M
EV / Sales 2020 3,98x
EV / Sales 2021 3,20x
Nbr of Employees 37 779
Free-Float 78,2%
Chart BAIDU, INC.
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Baidu, Inc. Technical Analysis Chart | BIDU | US0567521085 | MarketScreener
Technical analysis trends BAIDU, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 38
Average target price 1 364,59 CNY
Last Close Price 1 547,88 CNY
Spread / Highest target 31,9%
Spread / Average Target -11,8%
Spread / Lowest Target -36,7%
EPS Revisions
Managers and Directors
NameTitle
Yan Hong Li Chairman & Chief Executive Officer
Cheng-Chun Yu Chief Financial Officer
Hai Feng Wang Chief Technology Officer
Ji An Ding Independent Director
Brent Callinicos Independent Director
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