HSBC Cuts iQIYI (NASDAQ:IQ) Price Target to $2.60

iQIYI (NASDAQ:IQGet Rating) had its target price cut by equities researchers at HSBC from $4.00 to $2.60 in a report released on Wednesday, The Fly reports. HSBC’s price target points to a potential upside of 4.84% from the company’s previous close.

Several other equities analysts also recently commented on IQ. Benchmark dropped their price objective on shares of iQIYI from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, August 31st. JPMorgan Chase & Co. initiated coverage on shares of iQIYI in a research note on Wednesday, September 7th. They issued an “overweight” rating and a $7.00 price objective for the company. Macquarie initiated coverage on shares of iQIYI in a research note on Tuesday, August 23rd. They issued an “underperform” rating and a $2.80 price objective for the company. UBS Group raised shares of iQIYI from a “neutral” rating to a “buy” rating and set a $4.80 price objective for the company in a research note on Thursday, September 1st. Finally, Citigroup dropped their price target on shares of iQIYI from $6.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, October 14th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $4.10.

iQIYI Stock Performance

Shares of NASDAQ:IQ opened at $2.48 on Wednesday. The company’s 50 day moving average price is $2.52 and its two-hundred day moving average price is $3.45. iQIYI has a 12-month low of $1.65 and a 12-month high of $6.86. The firm has a market cap of $1.98 billion, a PE ratio of -5.90 and a beta of 0.70. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.92.

iQIYI (NASDAQ:IQGet Rating) last issued its quarterly earnings results on Tuesday, August 30th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.02 billion. iQIYI had a negative net margin of 7.78% and a negative return on equity of 27.30%. During the same quarter in the prior year, the firm posted ($0.27) EPS. Equities research analysts predict that iQIYI will post -0.04 earnings per share for the current year.

Hedge Funds Weigh In On iQIYI

Several large investors have recently modified their holdings of IQ. Bluefin Capital Management LLC increased its position in shares of iQIYI by 212.5% during the second quarter. Bluefin Capital Management LLC now owns 11,252 shares of the company’s stock worth $50,000 after buying an additional 21,252 shares during the period. Quadrant Capital Group LLC increased its position in shares of iQIYI by 206.4% during the third quarter. Quadrant Capital Group LLC now owns 18,928 shares of the company’s stock worth $51,000 after buying an additional 12,751 shares during the period. Cubist Systematic Strategies LLC increased its position in shares of iQIYI by 1,404.1% during the second quarter. Cubist Systematic Strategies LLC now owns 13,101 shares of the company’s stock worth $55,000 after buying an additional 12,230 shares during the period. Yousif Capital Management LLC acquired a new stake in shares of iQIYI during the second quarter worth $58,000. Finally, Comerica Bank acquired a new stake in shares of iQIYI during the second quarter worth $60,000. Institutional investors own 44.85% of the company’s stock.

About iQIYI

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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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