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

iQIYI (NASDAQ:IQ) had its price objective lowered by JPMorgan Chase & Co. from $2.50 to $1.80 in a report published on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

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

iQIYI Stock Up 6.7 %

Shares of IQ opened at $2.08 on Friday. The stock has a market capitalization of $2.00 billion, a PE ratio of 10.40, a P/E/G ratio of 0.53 and a beta of 0.08. iQIYI has a 1 year low of $1.89 and a 1 year high of $5.80. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45. The company’s 50-day simple moving average is $2.47 and its 200-day simple moving average is $3.20.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IQ. Sei Investments Co. grew its holdings in iQIYI by 23.1% in the 1st quarter. Sei Investments Co. now owns 101,928 shares of the company’s stock valued at $431,000 after buying an additional 19,100 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of iQIYI by 62.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 130,248 shares of the company’s stock worth $554,000 after purchasing an additional 50,078 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in shares of iQIYI by 32.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 466,189 shares of the company’s stock worth $1,973,000 after purchasing an additional 115,400 shares during the period. Natixis purchased a new position in iQIYI in the 1st quarter worth approximately $536,000. Finally, Lazard Asset Management LLC boosted its holdings in iQIYI by 206.5% in the 1st quarter. Lazard Asset Management LLC now owns 1,137,614 shares of the company’s stock worth $4,812,000 after acquiring an additional 766,436 shares during the period. Institutional investors and hedge funds own 52.69% of the company’s stock.

iQIYI Company Profile

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.