IQIYI (NASDAQ:IQ) Upgraded to Market Perform at Sanford C. Bernstein

Share on StockTwits

Sanford C. Bernstein upgraded shares of IQIYI (NASDAQ:IQ) from an underperform rating to a market perform rating in a research note issued to investors on Thursday morning, BenzingaRatingsTable reports.

Other analysts have also recently issued reports about the company. Credit Suisse Group cut IQIYI from an outperform rating to a neutral rating in a report on Tuesday, August 20th. Jefferies Financial Group started coverage on IQIYI in a report on Monday, August 5th. They set a buy rating and a $21.80 price target on the stock. JPMorgan Chase & Co. started coverage on IQIYI in a report on Friday, August 16th. They set an underweight rating and a $14.00 price target on the stock. China Renaissance Securities restated a hold rating on shares of IQIYI in a report on Tuesday, August 20th. Finally, KeyCorp started coverage on IQIYI in a report on Monday, July 29th. They set a sector weight rating and a $21.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. IQIYI presently has a consensus rating of Hold and an average price target of $21.40.

IQIYI stock opened at $19.75 on Thursday. The business has a 50 day moving average of $17.88 and a 200-day moving average of $20.75. IQIYI has a 1 year low of $14.35 and a 1 year high of $30.51. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market capitalization of $14.29 billion, a P/E ratio of -8.00 and a beta of 2.97.

IQIYI (NASDAQ:IQ) last released its quarterly earnings data on Monday, August 19th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.59) by $0.10. IQIYI had a negative return on equity of 60.21% and a negative net margin of 38.28%. The company had revenue of $7.11 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter in the prior year, the firm posted ($0.45) earnings per share. The firm’s revenue was up 15.2% compared to the same quarter last year. Equities analysts anticipate that IQIYI will post -1.94 EPS for the current year.

Several institutional investors have recently made changes to their positions in IQ. WT Asset Management Ltd purchased a new stake in shares of IQIYI during the 1st quarter valued at $53,067,000. Bank of America Corp DE increased its position in shares of IQIYI by 852.6% during the 2nd quarter. Bank of America Corp DE now owns 8,193,215 shares of the company’s stock valued at $169,191,000 after purchasing an additional 7,333,157 shares during the last quarter. Morgan Stanley increased its position in shares of IQIYI by 77.6% during the 2nd quarter. Morgan Stanley now owns 13,583,901 shares of the company’s stock valued at $280,508,000 after purchasing an additional 5,934,451 shares during the last quarter. Matthews International Capital Management LLC increased its position in shares of IQIYI by 119.6% during the 2nd quarter. Matthews International Capital Management LLC now owns 4,800,700 shares of the company’s stock valued at $99,134,000 after purchasing an additional 2,615,000 shares during the last quarter. Finally, BlackRock Inc. increased its position in shares of IQIYI by 34.5% during the 2nd quarter. BlackRock Inc. now owns 8,151,127 shares of the company’s stock valued at $168,321,000 after purchasing an additional 2,091,228 shares during the last quarter. 23.26% of the stock is owned by hedge funds and other institutional investors.

About IQIYI

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

Further Reading: Quick Ratio

Analyst Recommendations for IQIYI (NASDAQ:IQ)

Receive News & Ratings for IQIYI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IQIYI and related companies with MarketBeat.com's FREE daily email newsletter.