IQIYI (IQ) Cut to Hold at Zacks Investment Research

IQIYI (NASDAQ:IQ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday.

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 also recently issued reports about the company. Jefferies Financial Group assumed coverage on IQIYI in a research report on Monday, October 8th. They set a “buy” rating and a $33.00 target price on the stock. CLSA assumed coverage on IQIYI in a report on Tuesday, September 4th. They issued a “buy” rating on the stock. Goldman Sachs Group downgraded IQIYI from a “buy” rating to a “neutral” rating and set a $23.00 price objective on the stock. in a report on Thursday, August 2nd. They noted that the move was a valuation call. Bank of America raised their price objective on IQIYI from $35.50 to $41.00 and gave the stock a “neutral” rating in a report on Wednesday, August 1st. Finally, Credit Suisse Group downgraded IQIYI from an “outperform” rating to a “neutral” rating in a report on Wednesday, August 1st. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. IQIYI presently has an average rating of “Hold” and a consensus target price of $30.60.

NASDAQ IQ opened at $26.00 on Friday. IQIYI has a twelve month low of $15.30 and a twelve month high of $46.23. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

IQIYI (NASDAQ:IQ) last released its earnings results on Tuesday, July 31st. The company reported ($0.45) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.30) by $1.85. The business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.26 billion. The company’s revenue was up 42.6% compared to the same quarter last year. On average, analysts forecast that IQIYI will post -1.13 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. Kovack Advisors Inc. raised its holdings in shares of IQIYI by 30.3% in the 3rd quarter. Kovack Advisors Inc. now owns 8,868 shares of the company’s stock worth $240,000 after purchasing an additional 2,060 shares during the period. PNC Financial Services Group Inc. purchased a new position in shares of IQIYI in the 2nd quarter worth about $105,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of IQIYI in the 2nd quarter worth about $113,000. Canada Pension Plan Investment Board raised its holdings in shares of IQIYI by 0.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,506,000 shares of the company’s stock worth $48,644,000 after purchasing an additional 6,000 shares during the period. Finally, SeaCrest Wealth Management LLC purchased a new position in shares of IQIYI in the 2nd quarter worth about $208,000. Institutional investors own 5.56% of the company’s stock.

IQIYI Company Profile

iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand name 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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