iQIYI (NASDAQ:IQ) Price Target Lowered to $1.20 at JPMorgan Chase & Co.

iQIYI (NASDAQ:IQ) had its target price reduced by equities research analysts at JPMorgan Chase & Co. from $2.20 to $1.20 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 14.29% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Wall Street Zen cut iQIYI from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. The Goldman Sachs Group reissued a “neutral” rating and issued a $1.40 price objective on shares of iQIYI in a research note on Thursday. Zacks Research upgraded iQIYI from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Weiss Ratings reiterated a “sell (d)” rating on shares of iQIYI in a report on Wednesday, June 24th. Finally, Benchmark reaffirmed a “hold” rating on shares of iQIYI in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.05.

iQIYI Stock Down 7.1%

Shares of IQ stock traded down $0.08 on Thursday, hitting $1.05. The company’s stock had a trading volume of 6,034,105 shares, compared to its average volume of 8,630,090. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.45 and a quick ratio of 0.45. iQIYI has a fifty-two week low of $0.95 and a fifty-two week high of $2.84. The firm’s fifty day moving average price is $1.16 and its 200-day moving average price is $1.30. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -8.75 and a beta of 0.19.

Hedge Funds Weigh In On iQIYI

Several hedge funds have recently added to or reduced their stakes in IQ. Parallel Advisors LLC boosted its holdings in iQIYI by 20.8% during the fourth quarter. Parallel Advisors LLC now owns 29,472 shares of the company’s stock worth $57,000 after buying an additional 5,077 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of iQIYI by 2.5% during the first quarter. Public Employees Retirement System of Ohio now owns 366,300 shares of the company’s stock worth $495,000 after purchasing an additional 8,900 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of iQIYI by 4.4% in the 1st quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock valued at $721,000 after buying an additional 22,662 shares in the last quarter. Catalyst Funds Management Pty Ltd acquired a new stake in iQIYI during the 4th quarter worth $1,205,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in iQIYI by 393.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,152,263 shares of the company’s stock worth $4,864,000 after buying an additional 1,716,011 shares during the period. Institutional investors and hedge funds 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.