iQIYI (NASDAQ:IQ – Free Report) had its target price cut by JPMorgan Chase & Co. from $2.20 to $1.20 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.
IQ has been the topic of several other reports. Wall Street Zen downgraded shares of iQIYI from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Weiss Ratings reissued a “sell (d)” rating on shares of iQIYI in a research report on Wednesday, June 24th. Zacks Research upgraded shares of iQIYI from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Benchmark reaffirmed a “hold” rating on shares of iQIYI in a report on Wednesday. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $1.40 price objective on shares of iQIYI in a research note on Thursday. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $1.73.
Read Our Latest Stock Report on iQIYI
iQIYI Stock Up 2.4%
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its position in shares of iQIYI by 20.8% during the fourth quarter. Parallel Advisors LLC now owns 29,472 shares of the company’s stock valued at $57,000 after buying an additional 5,077 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of iQIYI by 2.5% in the first quarter. Public Employees Retirement System of Ohio now owns 366,300 shares of the company’s stock valued at $495,000 after acquiring an additional 8,900 shares during the period. Bank of New York Mellon Corp boosted its position in shares of iQIYI by 4.4% in the first quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock valued at $721,000 after acquiring an additional 22,662 shares during the period. Catalyst Funds Management Pty Ltd purchased a new position in iQIYI during the fourth quarter valued at approximately $1,205,000. Finally, Triata Capital Ltd purchased a new position in iQIYI during the second quarter valued at approximately $1,152,419,000. Hedge funds and other institutional investors own 52.69% of the company’s stock.
iQIYI Company Profile
iQIYI, Inc is a leading online entertainment service provider headquartered in Beijing, China, offering a comprehensive portfolio of streaming video content across multiple genres. The company operates a subscription-based video-on-demand (SVOD) platform, complemented by advertising-supported content (AVOD) and pay-per-view offerings. Its digital library encompasses original series, feature films, variety shows, animation and documentaries, catering to diverse demographic segments and viewer preferences.
Originally launched by Baidu in 2010 as an online video site, iQIYI was formally rebranded in early 2012 and has since expanded its footprint beyond China’s domestic market.
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