Goldman Sachs Group lowered shares of iQIYI (NASDAQ:IQ) from a buy rating to a neutral rating in a report issued on Thursday, August 2nd, MarketBeat.com reports. The firm currently has $23.00 price target on the stock. The analysts noted that the move was a valuation call.
Several other brokerages have also recently commented on IQ. Credit Suisse Group cut iQIYI from an outperform rating to a neutral rating in a research report on Wednesday, August 1st. Bank of America assumed coverage on iQIYI in a research report on Wednesday, April 25th. They issued a neutral rating and a $21.00 price objective for the company. Finally, Citigroup assumed coverage on iQIYI in a research report on Tuesday, April 24th. They issued a buy rating and a $22.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. iQIYI presently has an average rating of Hold and an average target price of $30.00.
Shares of iQIYI traded up $0.23, hitting $29.40, during trading hours on Thursday, MarketBeat.com reports. The company’s stock had a trading volume of 7,507,036 shares, compared to its average volume of 21,512,888. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. iQIYI has a 12 month low of $15.30 and a 12 month high of $46.23.
iQIYI (NASDAQ:IQ) last posted its quarterly earnings data on Tuesday, July 31st. The company reported ($0.45) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($2.30) by $1.85. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.26 billion. The company’s revenue was up 42.6% compared to the same quarter last year. sell-side analysts predict that iQIYI will post -1.14 EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. bought a new position in shares of iQIYI in the 2nd quarter valued at $105,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of iQIYI in the 2nd quarter valued at $113,000. Canada Pension Plan Investment Board boosted its holdings in shares of iQIYI by 0.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,506,000 shares of the company’s stock valued at $48,644,000 after acquiring an additional 6,000 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new stake in shares of iQIYI during the 2nd quarter valued at $208,000. Finally, GAM Holding AG acquired a new stake in shares of iQIYI during the 2nd quarter valued at $216,000. Hedge funds and other institutional investors own 11.65% of the company’s stock.
iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand name in China. It operates a platform that provides a collection of Internet video content, including professionally-produced content licensed from professional content providers and self-produced content.
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