Citigroup Cuts iQIYI (NASDAQ:IQ) Price Target to $2.80

iQIYI (NASDAQ:IQ) had its target price cut by Citigroup from $3.00 to $2.80 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently weighed in on IQ. OTR Global reiterated a “negative” rating on shares of iQIYI in a research note on Wednesday, January 8th. Benchmark reiterated a “hold” rating on shares of iQIYI in a research report on Friday, November 22nd. JPMorgan Chase & Co. decreased their price objective on iQIYI from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Friday, November 22nd. Finally, HSBC upgraded iQIYI from a “reduce” rating to a “hold” rating and set a $2.15 target price for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, iQIYI presently has an average rating of “Hold” and a consensus target price of $2.91.

iQIYI Price Performance

Shares of NASDAQ:IQ opened at $1.94 on Thursday. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 9.70, a PEG ratio of 1.99 and a beta of 0.02. The business has a 50 day moving average price of $2.10 and a 200 day moving average price of $2.56. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.65. iQIYI has a twelve month low of $1.82 and a twelve month high of $5.80.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Genesis Investment Management LLP raised its stake in shares of iQIYI by 112.1% in the third quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock valued at $47,425,000 after acquiring an additional 8,765,711 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in iQIYI by 13.5% in the second quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock worth $21,443,000 after purchasing an additional 694,349 shares in the last quarter. Quarry LP bought a new stake in shares of iQIYI during the second quarter worth $18,075,000. Geode Capital Management LLC grew its holdings in shares of iQIYI by 3.6% during the third quarter. Geode Capital Management LLC now owns 3,259,673 shares of the company’s stock worth $9,256,000 after purchasing an additional 112,709 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of iQIYI by 185.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock valued at $7,803,000 after buying an additional 1,381,265 shares in the last quarter. 52.69% of the stock is owned by institutional investors.

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.