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

iQIYI (NASDAQ:IQ) had its price objective cut by JPMorgan Chase & Co. from $2.50 to $1.80 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 7.69% from the company’s previous close.

IQ has been the subject of several other reports. Nomura Securities upgraded iQIYI to a “hold” rating in a research report on Monday, August 26th. Benchmark restated a “hold” rating on shares of iQIYI in a report on Friday. Finally, The Goldman Sachs Group downgraded shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price for the company. in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $3.15.

iQIYI Price Performance

Shares of IQ traded down $0.07 during mid-day trading on Friday, hitting $1.95. 5,093,593 shares of the company traded hands, compared to its average volume of 11,760,640. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 8.13, a PEG ratio of 0.56 and a beta of 0.08. The business has a 50-day moving average of $2.47 and a 200 day moving average of $3.25. iQIYI has a one year low of $1.92 and a one year high of $5.80.

iQIYI (NASDAQ:IQ) last released its earnings results on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). iQIYI had a net margin of 5.37% and a return on equity of 14.57%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the company posted $0.05 earnings per share. As a group, equities analysts expect 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 the company. Genesis Investment Management LLP boosted its holdings in shares of iQIYI by 112.1% during the third quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock worth $47,425,000 after acquiring an additional 8,765,711 shares during the period. Federated Hermes Inc. lifted its stake in iQIYI by 18.9% during the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after purchasing an additional 2,549,287 shares during the last quarter. Maple Rock Capital Partners Inc. boosted its holdings in shares of iQIYI by 65.4% in the 1st quarter. Maple Rock Capital Partners Inc. now owns 10,320,000 shares of the company’s stock valued at $43,654,000 after purchasing an additional 4,080,000 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of iQIYI by 13.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock worth $21,443,000 after buying an additional 694,349 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of iQIYI during the 2nd quarter worth $18,075,000. 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.