Two Wall Street analysts “Underperform” ratings sent the shares of Baidu, the Chinese search engine, down 23 percent.


Safa Rashtchy, an analyst with Piper Jaffray, and Anthony Noto, with Goldman Sachs, predicted the American Depositary Shares would “underperform” the market. And both set price targets far below the current market value. Based on this Baidu’s prices tumbled 23 percent.

Shares of Baidu, rose 353 percent in its IPO six weeks ago, and the comments of these two analysts made it tumble 23 percent on Wednesday.

The stock, which hit a high of $153.98 on August 8, tumbled $32.27 on Wednesday to close at $81.32. About 16.6 million shares traded hands, three times the average volume since Baidu’s August 5 IPO.

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