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iQIYI (NASDAQ:IQ) Shares Gap Down Following Analyst Downgrade

iQIYI, Inc. (NASDAQ:IQGet Rating)’s stock price gapped down before the market opened on Friday after Nomura lowered their price target on the stock from $3.90 to $2.60. The stock had previously closed at $2.48, but opened at $2.41. iQIYI shares last traded at $2.41, with a volume of 96,766 shares.

IQ has been the topic of several other reports. Benchmark reduced their price target on iQIYI from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, August 31st. UBS Group raised iQIYI from a “neutral” rating to a “buy” rating and set a $4.80 price target on the stock in a research report on Thursday, September 1st. Morgan Stanley upped their target price on iQIYI from $2.50 to $2.70 in a research report on Wednesday. JPMorgan Chase & Co. initiated coverage on iQIYI in a research report on Wednesday, September 7th. They issued an “overweight” rating and a $7.00 target price on the stock. Finally, Macquarie initiated coverage on iQIYI in a research report on Tuesday, August 23rd. They issued an “underperform” rating and a $2.80 target price on the stock. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $4.10.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bluefin Capital Management LLC lifted its holdings in shares of iQIYI by 212.5% in the second quarter. Bluefin Capital Management LLC now owns 11,252 shares of the company’s stock valued at $50,000 after buying an additional 21,252 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of iQIYI by 206.4% in 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 period. Cubist Systematic Strategies LLC lifted its holdings in shares of iQIYI by 1,404.1% in 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 period. Yousif Capital Management LLC acquired a new stake in shares of iQIYI in the second quarter valued at $58,000. Finally, Comerica Bank acquired a new stake in shares of iQIYI in the second quarter valued at $60,000. Institutional investors own 44.85% of the company’s stock.

iQIYI Stock Performance

The company has a debt-to-equity ratio of 1.17, a current ratio of 0.37 and a quick ratio of 0.54. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -5.90 and a beta of 0.70. The company has a fifty day moving average price of $2.52 and a two-hundred day moving average price of $3.45.

iQIYI (NASDAQ:IQGet Rating) last announced its quarterly earnings data on Tuesday, August 30th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.02 billion. iQIYI had a negative return on equity of 28.93% and a negative net margin of 7.78%. During the same quarter in the prior year, the firm posted ($0.27) earnings per share. As a group, equities research analysts expect that iQIYI, Inc. will post -0.04 EPS for the current year.

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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