JPMorgan Chase & Co. Has Lowered Expectations for iQIYI (NASDAQ:IQ) Stock Price

iQIYI (NASDAQ:IQ) had its price target cut by JPMorgan Chase & Co. from $2.50 to $1.80 in a research report released on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms also recently weighed in on IQ. Benchmark reissued a “hold” rating on shares of iQIYI in a research report on Friday. Nomura Securities upgraded shares of iQIYI to a “hold” rating in a research report on Monday, August 26th. Finally, The Goldman Sachs Group downgraded shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price for the company. in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $3.15.

iQIYI Stock Down 3.5 %

Shares of NASDAQ:IQ opened at $1.95 on Friday. The firm has a market cap of $1.87 billion, a P/E ratio of 9.75, a P/E/G ratio of 0.55 and a beta of 0.08. iQIYI has a 12-month low of $1.92 and a 12-month high of $5.80. The business has a fifty day simple moving average of $2.47 and a 200 day simple moving average of $3.25. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.67.

iQIYI (NASDAQ:IQ) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.02 billion. iQIYI had a return on equity of 13.43% and a net margin of 4.69%. During the same quarter last year, the business earned $0.05 earnings per share. Analysts predict that iQIYI will post 0.16 earnings per share for the current year.

Institutional Trading of iQIYI

Several institutional investors and hedge funds have recently made changes to their positions in IQ. Genesis Investment Management LLP boosted its holdings in iQIYI by 112.1% during the third quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock worth $47,425,000 after purchasing an additional 8,765,711 shares during the last quarter. Quarry LP bought a new position in shares of iQIYI in the second quarter valued at approximately $18,075,000. Maple Rock Capital Partners Inc. increased its position in shares of iQIYI by 65.4% during the first quarter. Maple Rock Capital Partners Inc. now owns 10,320,000 shares of the company’s stock valued at $43,654,000 after acquiring an additional 4,080,000 shares during the last quarter. Federated Hermes Inc. lifted its holdings in iQIYI by 18.9% during the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after acquiring an additional 2,549,287 shares during the period. Finally, Monolith Management Ltd purchased a new position in iQIYI in the third quarter worth $4,576,000. Hedge funds and other institutional investors own 52.69% of the company’s stock.

iQIYI Company Profile

iQIYI, Inc, together with its subsidiaries, provides online entertainment video services in the People's Republic of China. It offers various products and services, including online video, online games, online literature, animations, and other products. The company operates a platform that provides a collection of internet video content, such as professionally produced content licensed from professional content providers and self-produced content.