Benchmark Trims iQIYI (NASDAQ:IQ) Target Price to $5.00

iQIYI (NASDAQ:IQ) had its target price lowered by Benchmark from $9.00 to $5.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective indicates a potential upside of 48.81% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Hsbc Global Res cut iQIYI from a “hold” rating to a “moderate sell” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. reduced their price objective on iQIYI from $5.00 to $3.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. OTR Global reissued a “mixed” rating on shares of iQIYI in a research note on Thursday, April 4th. Finally, HSBC lowered shares of iQIYI from a “hold” rating to a “reduce” rating and lowered their price objective for the stock from $4.70 to $3.00 in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $3.67.

iQIYI Stock Up 4.0 %

IQ traded up $0.13 during midday trading on Wednesday, reaching $3.36. 3,335,068 shares of the company were exchanged, compared to its average volume of 8,989,982. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 12.00, a price-to-earnings-growth ratio of 0.42 and a beta of 0.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.60 and a current ratio of 0.60. The company’s fifty day moving average price is $3.97 and its 200 day moving average price is $4.07. iQIYI has a one year low of $3.02 and a one year high of $6.47.

iQIYI (NASDAQ:IQ) last announced its quarterly earnings data on Thursday, May 16th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.04. iQIYI had a return on equity of 17.57% and a net margin of 6.23%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.09 billion. As a group, analysts expect that iQIYI will post 0.28 EPS for the current year.

Hedge Funds Weigh In On iQIYI

Large investors have recently made changes to their positions in the business. Ballentine Partners LLC purchased a new position in shares of iQIYI during the fourth quarter valued at approximately $54,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of iQIYI during the fourth quarter valued at approximately $61,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in iQIYI by 59.9% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company’s stock worth $81,000 after acquiring an additional 8,225 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in iQIYI by 321.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 17,585 shares of the company’s stock worth $86,000 after acquiring an additional 13,417 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in iQIYI in the 4th quarter worth approximately $114,000. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

About iQIYI

iQIYI, Inc, together with its subsidiaries, provides online entertainment video services in the People's Republic of China. It offers various products and services, including online video, online games, online literature, animations, and other products. The company operates a platform that provides a collection of internet video content, such as professionally produced content licensed from professional content providers and self-produced content.