The Goldman Sachs Group Lowers iQIYI (NASDAQ:IQ) to Neutral

The Goldman Sachs Group cut shares of iQIYI (NASDAQ:IQ) from a buy rating to a neutral rating in a research note released on Tuesday, MarketBeat.com reports. The firm currently has $2.80 price target on the stock.

IQ has been the topic of several other reports. HSBC lowered iQIYI from a hold rating to a reduce rating and decreased their price target for the stock from $4.70 to $3.00 in a research note on Tuesday, July 23rd. Benchmark downgraded iQIYI from a buy rating to a hold rating in a research report on Friday, August 23rd. Hsbc Global Res cut shares of iQIYI from a hold rating to a moderate sell rating in a report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of iQIYI from $5.00 to $3.00 and set a neutral rating for the company in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $3.45.

iQIYI Trading Down 2.6 %

IQ stock opened at $2.26 on Tuesday. The firm’s fifty day simple moving average is $3.40 and its two-hundred day simple moving average is $3.99. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of 8.07, a price-to-earnings-growth ratio of 0.42 and a beta of 0.08. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.68. iQIYI has a twelve month low of $2.22 and a twelve month high of $5.80.

iQIYI (NASDAQ:IQ) last issued its quarterly earnings results on Thursday, August 22nd. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.05). The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.02 billion. iQIYI had a net margin of 6.23% and a return on equity of 17.57%. During the same quarter in the previous year, the company posted $0.05 earnings per share. As a group, analysts anticipate that iQIYI will post 0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new position in iQIYI in the second quarter worth approximately $18,075,000. SIH Partners LLLP purchased a new position in shares of iQIYI in the 2nd quarter valued at $117,000. Scientech Research LLC bought a new position in shares of iQIYI in the 2nd quarter worth $495,000. The Manufacturers Life Insurance Company lifted its stake in shares of iQIYI by 185.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock worth $7,803,000 after purchasing an additional 1,381,265 shares during the last quarter. Finally, MBB Public Markets I LLC bought a new stake in iQIYI during the second quarter valued at about $142,000. 52.69% of the stock is currently owned by institutional investors.

iQIYI Company Profile

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.