Baidu's stock experienced a 24-hour plunge of 5.00% during Monday's trading session, with the decline accelerating in the intraday period.

The drop came after Barclays analyst Jiong Shao lowered the firm's price target on Baidu to $124 from $128 while maintaining an Equal Weight rating on the shares. Analyst price target reductions often signal concerns about a company's future earnings potential or valuation, which can prompt investor selling pressure.

The downward adjustment in Baidu's price target contributed to negative sentiment toward the Chinese tech giant during the trading session, leading to the significant decline in its stock price.