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

IQIYI (NASDAQ:IQ) was upgraded by research analysts at Sanford C. Bernstein from an “underperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, The Fly reports.

A number of other analysts have also recently issued reports on the company. Zacks Investment Research cut IQIYI from a “hold” rating to a “sell” rating in a research report on Wednesday, August 21st. Credit Suisse Group cut IQIYI from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 20th. Loop Capital assumed coverage on IQIYI in a research report on Monday, June 3rd. They issued a “hold” rating and a $20.00 target price for the company. JPMorgan Chase & Co. assumed coverage on IQIYI in a research report on Friday, August 16th. They issued an “underweight” rating and a $14.00 target price for the company. Finally, Jefferies Financial Group assumed coverage on IQIYI in a research report on Monday, August 5th. They issued a “buy” rating and a $21.80 target price for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $21.40.

NASDAQ:IQ opened at $19.32 on Thursday. The stock has a 50-day simple moving average of $17.87 and a 200-day simple moving average of $20.79. The stock has a market cap of $13.09 billion, a P/E ratio of -7.82 and a beta of 2.97. IQIYI has a 1 year low of $14.35 and a 1 year high of $30.90. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.16 and a current ratio of 1.16.

IQIYI (NASDAQ:IQ) last announced its earnings results on Monday, August 19th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.10. The firm had revenue of $7.11 billion during the quarter, compared to analysts’ expectations of $7.05 billion. IQIYI had a negative return on equity of 60.21% and a negative net margin of 38.28%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.45) EPS. On average, equities research analysts predict that IQIYI will post -1.91 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of IQ. Hillhouse Capital Management LTD. raised its stake in shares of IQIYI by 4.6% during the 2nd quarter. Hillhouse Capital Management LTD. now owns 36,006,170 shares of the company’s stock worth $743,527,000 after buying an additional 1,571,100 shares in the last quarter. Hillhouse Capital Management Ltd. raised its stake in shares of IQIYI by 1,633.8% during the 4th quarter. Hillhouse Capital Management Ltd. now owns 34,313,024 shares of the company’s stock worth $510,235,000 after buying an additional 32,333,917 shares in the last quarter. Hillhouse Capital Advisors LTD. raised its stake in shares of IQIYI by 15.5% during the 2nd quarter. Hillhouse Capital Advisors LTD. now owns 14,510,018 shares of the company’s stock worth $299,632,000 after buying an additional 1,952,530 shares in the last quarter. Morgan Stanley raised its stake in shares of IQIYI by 77.6% during the 2nd quarter. Morgan Stanley now owns 13,583,901 shares of the company’s stock worth $280,508,000 after buying an additional 5,934,451 shares in the last quarter. Finally, WT Asset Management Ltd purchased a new position in shares of IQIYI during the 1st quarter worth approximately $53,067,000. 23.27% 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.

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