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

Key Points

• JPMorgan cut iQIYI’s price target from $2.20 to $1.20 while maintaining a “neutral” rating, implying 14.29% upside from the prior close.
• Analyst sentiment remains cautious: iQIYI has an overall “Hold” consensus rating and a $2.05 average price target, with ratings spanning Buy, Hold, and Sell.
• Shares fell 7.1% to $1.05, near the company’s 52-week low of $0.95. Institutional investors and hedge funds own 52.69% of the stock.

iQIYI (NASDAQ:IQ - Get Free Report) had its price objective cut by analysts at JPMorgan Chase & Co. from $2.20 to $1.20 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 14.29% from the company's previous close.

Several other analysts have also recently commented on the company. Wall Street Zen cut iQIYI from a "hold" rating to a "sell" rating in a report on Sunday, April 26th. 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 research report on Wednesday, June 24th. The Goldman Sachs Group restated a "neutral" rating and issued a $1.40 target price on shares of iQIYI in a research note on Thursday. Finally, Benchmark restated a "hold" rating on shares of iQIYI in a research report on Wednesday. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $2.05.

iQIYI Trading Down 7.1%

Shares of iQIYI stock traded down $0.08 during trading hours on Thursday, reaching $1.05. 6,034,105 shares of the company's stock were exchanged, compared to its average volume of 8,630,090. iQIYI has a 52-week low of $0.95 and a 52-week high of $2.84. The company has a fifty day moving average of $1.16 and a 200-day moving average of $1.30. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -8.75 and a beta of 0.19.

Institutional Trading of iQIYI

Several institutional investors have recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in iQIYI in the fourth quarter worth about $8,488,000. Marshall Wace LLP grew its position in iQIYI by 1,423.3% during the fourth quarter. Marshall Wace LLP now owns 2,811,044 shares of the company's stock valued at $5,397,000 after purchasing an additional 2,626,502 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in iQIYI by 393.4% in 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 valued at $4,864,000 after buying an additional 1,716,011 shares during the period. Triata Capital Ltd purchased a new stake in iQIYI in the 2nd quarter worth approximately $1,152,419,000. Finally, Catalyst Funds Management Pty Ltd acquired a new stake in shares of iQIYI during the 4th quarter valued at $1,205,000. 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.

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