NEW YORK (TheStreet) -- Baidu (BIDU) shares are up 1% to $2.20 on Wednesday after the Chinese e-commerce company invested $10 million in Finnish mapping company IndoorAtlas.
IndoorAtlas products allows users to map their indoor locations via their mobile phones and can be used to help users find store locations inside of malls with results accurate to within less than three meters.
Baidu, which recently finalized an online shopping agreement with Asia's largest online company, continues its offensive against fellow Chinese rival Alibaba with the purchase.
TheStreet Ratings team rates BAIDU INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BAIDU INC (BIDU) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, growth in earnings per share, increase in net income, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. 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."