Morgan Stanley Boosts iQIYI (NASDAQ:IQ) Price Target to $2.70

iQIYI (NASDAQ:IQGet Rating) had its target price lifted by analysts at Morgan Stanley from $2.50 to $2.70 in a note issued to investors on Wednesday, The Fly reports. Morgan Stanley’s price target would suggest a potential upside of 8.87% from the company’s previous close.

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

iQIYI Trading Up 2.1 %

Shares of IQ stock opened at $2.48 on Wednesday. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.54 and a current ratio of 0.54. iQIYI has a 1 year low of $1.65 and a 1 year high of $6.86. The stock has a fifty day moving average of $2.52 and a two-hundred day moving average of $3.45. The firm has a market capitalization of $1.98 billion, a PE ratio of -5.90 and a beta of 0.70.

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

Hedge Funds Weigh In On iQIYI

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bluefin Capital Management LLC lifted its stake in iQIYI by 212.5% in the 2nd quarter. Bluefin Capital Management LLC now owns 11,252 shares of the company’s stock worth $50,000 after acquiring an additional 21,252 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in iQIYI by 1,404.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 13,101 shares of the company’s stock worth $55,000 after acquiring an additional 12,230 shares in the last quarter. Yousif Capital Management LLC purchased a new stake in iQIYI in the 2nd quarter worth about $58,000. Comerica Bank purchased a new stake in iQIYI in the 2nd quarter worth about $60,000. Finally, Prudential PLC purchased a new stake in iQIYI in the 2nd quarter worth about $77,000. Institutional investors and hedge funds own 44.85% of the company’s stock.

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.

Featured Stories

The Fly logo

Analyst Recommendations for iQIYI (NASDAQ:IQ)

Receive News & Ratings for iQIYI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for iQIYI and related companies with MarketBeat.com's FREE daily email newsletter.