iQIYI (NASDAQ:IQ) Trading 6.6% Higher on Analyst Upgrade

iQIYI, Inc. (NASDAQ:IQGet Rating) shares traded up 6.6% on Wednesday after Morgan Stanley raised their price target on the stock from $2.50 to $2.70. The stock traded as high as $2.60 and last traded at $2.59. 134,447 shares were traded during mid-day trading, a decline of 99% from the average session volume of 13,869,541 shares. The stock had previously closed at $2.43.

Several other brokerages also recently commented on IQ. JPMorgan Chase & Co. assumed coverage on shares of iQIYI in a research report on Wednesday, September 7th. They set an “overweight” rating and a $7.00 price objective on the stock. Macquarie initiated coverage on shares of iQIYI in a report on Tuesday, August 23rd. They issued an “underperform” rating and a $2.80 price target on the stock. Citigroup dropped their price objective on shares of iQIYI from $6.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, October 14th. UBS Group raised shares of iQIYI from a “neutral” rating to a “buy” rating and set a $4.80 price objective for the company in a research note on Thursday, September 1st. Finally, Benchmark dropped their price target on shares of iQIYI from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, August 31st. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $4.29.

Institutional Trading of iQIYI

Large investors have recently made changes to their positions in the business. Bluefin Capital Management LLC raised its position in iQIYI by 212.5% during the second quarter. Bluefin Capital Management LLC now owns 11,252 shares of the company’s stock worth $50,000 after acquiring an additional 21,252 shares during the period. Quadrant Capital Group LLC raised its position in iQIYI by 206.4% during the third quarter. Quadrant Capital Group LLC now owns 18,928 shares of the company’s stock worth $51,000 after acquiring an additional 12,751 shares during the period. Cubist Systematic Strategies LLC raised its position in iQIYI by 1,404.1% during the second quarter. Cubist Systematic Strategies LLC now owns 13,101 shares of the company’s stock worth $55,000 after acquiring an additional 12,230 shares during the period. Yousif Capital Management LLC acquired a new position in iQIYI during the second quarter worth $58,000. Finally, Comerica Bank acquired a new stake in shares of iQIYI in the second quarter valued at about $60,000. 44.85% of the stock is owned by hedge funds and other institutional investors.

iQIYI Price Performance

The stock’s 50-day moving average price is $2.54 and its 200 day moving average price is $3.46. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of -3.54 and a beta of 0.70. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.92.

iQIYI (NASDAQ:IQGet Rating) last released its quarterly earnings data on Tuesday, August 30th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. iQIYI had a negative net margin of 12.33% and a negative return on equity of 48.03%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period last year, the business earned ($0.27) earnings per share. Equities research analysts expect that iQIYI, Inc. will post -0.04 earnings per share for the current fiscal year.

iQIYI Company Profile

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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.

Further Reading

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