IQIYI (IQ) Upgraded by Zacks Investment Research to Hold
Zacks Investment Research upgraded shares of IQIYI (NASDAQ:IQ) from a sell rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports. The firm currently has $27.00 target price on the stock.
According to Zacks, “Iqiyi Inc. provides online entertainment service. The Company offer movies, television dramas, variety shows and other video contents. Iqiyi Inc is based in Haidian, China. “
Other equities analysts have also recently issued reports about the stock. China Renaissance Securities set a $28.00 price target on shares of IQIYI and gave the stock a buy rating in a research note on Thursday, January 17th. Tigress Financial began coverage on shares of IQIYI in a research report on Friday, March 15th. They issued a buy rating for the company. ValuEngine raised shares of IQIYI from a hold rating to a buy rating in a research report on Friday, March 1st. New Street Research raised shares of IQIYI from a neutral rating to a buy rating in a research report on Friday, February 22nd. Finally, HSBC lowered their price objective on shares of IQIYI from $25.00 to $24.00 and set a hold rating for the company in a research report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of Buy and an average price target of $29.33.
IQIYI (NASDAQ:IQ) last issued its quarterly earnings data on Thursday, February 21st. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $1.38. IQIYI had a negative net margin of 36.00% and a negative return on equity of 74.57%. The business had revenue of $7 billion during the quarter, compared to analysts’ expectations of $6.66 billion. IQIYI’s revenue was up 45.3% compared to the same quarter last year. As a group, research analysts expect that IQIYI will post -1.64 EPS for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in IQ. AlphaOne Investment Services LLC purchased a new position in IQIYI in the 4th quarter valued at $25,000. Advisory Services Network LLC grew its position in IQIYI by 46.9% in the 4th quarter. Advisory Services Network LLC now owns 3,400 shares of the company’s stock valued at $51,000 after buying an additional 1,085 shares during the last quarter. Resources Investment Advisors Inc. grew its position in IQIYI by 945.6% in the 4th quarter. Resources Investment Advisors Inc. now owns 5,385 shares of the company’s stock valued at $80,000 after buying an additional 4,870 shares during the last quarter. North Star Investment Management Corp. purchased a new position in IQIYI in the 4th quarter valued at $86,000. Finally, Westside Investment Management Inc. grew its position in IQIYI by 62.4% in the 4th quarter. Westside Investment Management Inc. now owns 7,940 shares of the company’s stock valued at $119,000 after buying an additional 3,050 shares during the last quarter. 16.24% of the stock is currently owned by institutional investors.
IQIYI Company Profile
iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand in China. It operates a platform that provides a collection of Internet video content, including professionally-produced content licensed from professional content providers and self-produced content.
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