NEW YORK ( TheStreet) -- Baidu (Nasdaq: BIDU) hit a new 52-week high Wednesday as it traded at $122.94 compared with its previous 52-Week high of $120.50. Baidu is changing hands at $122.75 with 1.8 million shares traded as of 9:56 a.m. ET. Average volume has been 7.9 million shares over the past 30 days. Baidu has a market cap of $41.5 billion and is part of the technology sector and internet industry. Shares are up 24.1% year to date as of the close of trading on Tuesday. Baidu, Inc. provides Chinese and Japanese language Internet search services. Its search services enable users to find relevant information online, including Web pages, news, images, multimedia files, and blogs through the links provided on its Websites. The company has a P/E ratio of 188.8, above the average internet industry P/E ratio of 77.6 and above the S&P 500 P/E ratio of 23.4. TheStreet Ratings rates Baidu as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full Baidu Ratings Report.