iQIYI (NASDAQ:IQ) Price Target Lowered to $1.80 at JPMorgan Chase & Co.

iQIYI (NASDAQ:IQ) had its price target decreased by research analysts at JPMorgan Chase & Co. from $2.50 to $1.80 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 7.69% from the stock’s previous close.

IQ has been the subject of a number of other reports. Benchmark reaffirmed a “hold” rating on shares of iQIYI in a report on Friday. Nomura Securities raised shares of iQIYI to a “hold” rating in a research note on Monday, August 26th. Finally, The Goldman Sachs Group cut shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target on the stock. in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat, iQIYI has an average rating of “Hold” and a consensus price target of $3.15.

iQIYI Price Performance

Shares of iQIYI stock opened at $1.95 on Friday. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 9.75, a P/E/G ratio of 0.55 and a beta of 0.08. The firm’s 50-day moving average price is $2.47 and its two-hundred day moving average price is $3.23. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.67. iQIYI has a 1-year low of $1.92 and a 1-year high of $5.80.

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

Institutional Investors Weigh In On iQIYI

A number of institutional investors and hedge funds have recently modified their holdings of IQ. Genesis Investment Management LLP increased its holdings in iQIYI by 112.1% in the third quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock valued at $47,425,000 after purchasing an additional 8,765,711 shares during the last quarter. Quarry LP acquired a new stake in shares of iQIYI in the 2nd quarter valued at approximately $18,075,000. Maple Rock Capital Partners Inc. boosted its stake in iQIYI by 65.4% during the 1st quarter. Maple Rock Capital Partners Inc. now owns 10,320,000 shares of the company’s stock worth $43,654,000 after acquiring an additional 4,080,000 shares during the last quarter. Federated Hermes Inc. grew 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 valued at $58,929,000 after purchasing an additional 2,549,287 shares during the period. Finally, Monolith Management Ltd bought a new stake in iQIYI in the third quarter valued at approximately $4,576,000. 52.69% of the stock is owned by institutional investors.

About iQIYI

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.