JPMorgan Chase & Co. Lowers iQIYI (NASDAQ:IQ) Price Target to $1.80

iQIYI (NASDAQ:IQ) had its price objective dropped by JPMorgan Chase & Co. from $2.50 to $1.80 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 7.69% from the stock’s previous close.

Several other research firms have also weighed in on IQ. Nomura Securities upgraded iQIYI to a “hold” rating in a report on Monday, August 26th. Benchmark restated a “hold” rating on shares of iQIYI in a report on Friday. Finally, The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target on the stock. in a report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $3.15.

iQIYI Price Performance

Shares of NASDAQ:IQ opened at $1.95 on Friday. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 9.75, a P/E/G ratio of 0.55 and a beta of 0.08. iQIYI has a 1 year low of $1.92 and a 1 year high of $5.80. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.67. The business has a fifty day simple moving average of $2.47 and a 200 day simple moving average of $3.23.

iQIYI (NASDAQ:IQ) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.05). iQIYI had a net margin of 4.69% and a return on equity of 13.43%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the firm earned $0.05 earnings per share. As a group, sell-side analysts predict that iQIYI will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iQIYI

Several hedge funds and other institutional investors have recently modified their holdings of IQ. Skandinaviska Enskilda Banken AB publ acquired a new stake in iQIYI during the second quarter worth about $31,000. Flow Traders U.S. LLC acquired a new stake in shares of iQIYI during the 3rd quarter worth approximately $32,000. Ground Swell Capital LLC bought a new stake in shares of iQIYI during the third quarter valued at approximately $32,000. Seven Eight Capital LP acquired a new position in shares of iQIYI in the second quarter valued at $42,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in shares of iQIYI in the second quarter valued at $46,000. Institutional investors and hedge funds own 52.69% of the company’s stock.

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.