iQIYI (NASDAQ:IQ) Upgraded to Buy at Zacks Investment Research

iQIYI (NASDAQ:IQGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage currently has a $4.50 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 4.17% from the company’s previous close.

According to Zacks, “Iqiyi Inc. provides online entertainment service. The Company offer movies, television dramas, variety shows and other video contents. Iqiyi Inc is based in Haidian, China. “

A number of other research analysts have also commented on IQ. Benchmark upgraded shares of iQIYI from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a research note on Friday, May 27th. JPMorgan Chase & Co. upgraded shares of iQIYI from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $2.00 to $8.00 in a research report on Monday, May 16th. Citigroup upgraded shares of iQIYI from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $4.50 to $5.60 in a research report on Thursday, May 26th. Finally, The Goldman Sachs Group assumed coverage on shares of iQIYI in a research report on Sunday, April 10th. They issued a “hold” rating and a $6.20 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $8.08.

Shares of NASDAQ IQ traded up $0.30 during mid-day trading on Thursday, reaching $4.32. 14,136,756 shares of the company traded hands, compared to its average volume of 20,845,895. iQIYI has a fifty-two week low of $1.86 and a fifty-two week high of $16.13. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.54 and a quick ratio of 0.51. The firm has a market cap of $3.46 billion, a PE ratio of -4.65 and a beta of 0.89. The stock has a fifty day simple moving average of $3.92 and a 200-day simple moving average of $4.38.

iQIYI (NASDAQ:IQGet Rating) last posted its quarterly earnings data on Thursday, May 26th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.34. iQIYI had a negative net margin of 15.85% and a negative return on equity of 62.47%. During the same quarter last year, the firm earned ($0.25) EPS. As a group, analysts predict that iQIYI will post -0.36 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the stock. CoreView Capital Management Ltd acquired a new position in iQIYI in the 4th quarter worth approximately $85,872,000. Vanguard Group Inc. boosted its stake in iQIYI by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 11,265,480 shares of the company’s stock worth $51,144,000 after purchasing an additional 203,820 shares during the period. Krane Funds Advisors LLC boosted its stake in iQIYI by 20.7% in the 1st quarter. Krane Funds Advisors LLC now owns 10,161,198 shares of the company’s stock worth $46,132,000 after purchasing an additional 1,745,754 shares during the period. Boyu Capital Investment Management Co. Ltd acquired a new position in iQIYI in the 4th quarter worth approximately $4,955,000. Finally, Nut Tree Capital Management LP acquired a new position in iQIYI in the 3rd quarter worth approximately $16,222,000. 32.74% of the stock is owned by hedge funds and other institutional investors.

iQIYI Company Profile (Get Rating)

iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand in the People's Republic of China. The company offers various products and services comprising internet video, online games, live broadcasting, online literature, animations, e-commerce, and social media platform.

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