iQIYI (NASDAQ:IQ) Upgraded at Bank of America

Bank of America upgraded shares of iQIYI (NASDAQ:IQ – Get Rating) from a neutral rating to a buy rating in a report published on Thursday, MarketBeat Ratings reports. Bank of America currently has $9.00 price target on the stock, up from their prior price target of $4.70.

Several other research firms also recently issued reports on IQ. JPMorgan Chase & Co. boosted their price objective on iQIYI from $8.00 to $11.00 in a report on Friday, February 24th. The Goldman Sachs Group boosted their target price on iQIYI from $4.40 to $4.90 and gave the stock a neutral rating in a research note on Monday, January 9th. Nomura lowered their target price on iQIYI from $3.90 to $2.60 in a research note on Thursday, November 24th. HSBC boosted their target price on iQIYI from $5.00 to $8.00 and gave the stock a hold rating in a research note on Thursday, February 23rd. Finally, Morgan Stanley raised iQIYI from an underweight rating to an equal weight rating and boosted their target price for the stock from $2.80 to $5.10 in a research note on Wednesday, January 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $5.82.

iQIYI Stock Up 3.9 %

Shares of IQ stock opened at $7.70 on Thursday. The stock has a 50 day moving average of $6.53 and a 200 day moving average of $4.23. The company has a current ratio of 0.49, a quick ratio of 0.37 and a debt-to-equity ratio of 1.51. The stock has a market cap of $7.29 billion, a P/E ratio of -385.00 and a beta of 0.52. iQIYI has a twelve month low of $1.65 and a twelve month high of $7.99.

iQIYI (NASDAQ:IQ – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. iQIYI had a negative return on equity of 2.05% and a negative net margin of 0.45%. As a group, sell-side analysts expect that iQIYI will post 0.27 EPS for the current year.

Hedge Funds Weigh In On iQIYI

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bluefin Capital Management LLC boosted its holdings in iQIYI by 212.5% in the second quarter. Bluefin Capital Management LLC now owns 11,252 shares of the company’s stock worth $50,000 after purchasing an additional 21,252 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of iQIYI by 206.4% during the third quarter. Quadrant Capital Group LLC now owns 18,928 shares of the company’s stock valued at $51,000 after buying an additional 12,751 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in shares of iQIYI by 1,404.1% during the second quarter. Cubist Systematic Strategies LLC now owns 13,101 shares of the company’s stock valued at $55,000 after buying an additional 12,230 shares during the last quarter. Yousif Capital Management LLC acquired a new position in iQIYI in the second quarter worth about $58,000. Finally, Comerica Bank acquired a new position in iQIYI in the second quarter worth about $60,000. 31.44% of the stock is currently owned by institutional investors and hedge funds.

iQIYI Company Profile

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iQIYI, Inc provides online entertainment services. It attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, online games, live broadcasting, IP licensing, talent agency and online literature.