iQIYI (NASDAQ:IQ) Rating Increased to Buy at Citigroup

iQIYI (NASDAQ:IQ – Get Rating) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Thursday, MarketBeat.com reports.

Several other analysts have also weighed in on the stock. Zacks Investment Research lowered shares of iQIYI from a “buy” rating to a “hold” rating in a report on Thursday, March 24th. The Goldman Sachs Group started coverage on shares of iQIYI in a report on Sunday, April 10th. They set a “hold” rating and a $6.20 price objective for the company. Finally, JPMorgan Chase & Co. raised shares of iQIYI from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $2.00 to $8.00 in a report on Monday, May 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, iQIYI presently has an average rating of “Hold” and an average price target of $8.36.

Shares of IQ traded up $0.34 during trading hours on Thursday, reaching $3.92. 1,798,014 shares of the company traded hands, compared to its average volume of 20,837,354. iQIYI has a 1-year low of $1.86 and a 1-year high of $16.13. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a market cap of $3.14 billion, a P/E ratio of -3.24 and a beta of 0.90. The stock’s fifty day moving average is $3.91 and its 200 day moving average is $4.57.

iQIYI (NASDAQ:IQ – Get Rating) last posted its quarterly earnings results on Tuesday, March 1st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.06. iQIYI had a negative net margin of 20.28% and a negative return on equity of 77.71%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. On average, equities research analysts predict that iQIYI will post -0.36 EPS for the current year.

Hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC boosted its stake in iQIYI by 101.8% in the fourth quarter. Parallel Advisors LLC now owns 8,311 shares of the company’s stock valued at $38,000 after acquiring an additional 4,192 shares during the last quarter. FNY Investment Advisers LLC boosted its stake in iQIYI by 915.0% in the first quarter. FNY Investment Advisers LLC now owns 10,150 shares of the company’s stock valued at $46,000 after acquiring an additional 9,150 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in iQIYI by 185.9% in the fourth quarter. Quadrant Capital Group LLC now owns 12,887 shares of the company’s stock valued at $59,000 after acquiring an additional 8,379 shares during the last quarter. Ground Swell Capital LLC bought a new position in iQIYI in the fourth quarter valued at approximately $73,000. Finally, Redpoint Investment Management Pty Ltd bought a new position in iQIYI in the fourth quarter valued at approximately $74,000. 32.74% of the stock is currently owned by hedge funds and other institutional investors.

About iQIYI (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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