Citigroup Has Lowered Expectations for iQIYI (NASDAQ:IQ) Stock Price

iQIYI (NASDAQ:IQ) had its target price cut by Citigroup from $3.00 to $2.80 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 44.33% from the company’s previous close.

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

iQIYI Stock Up 3.7 %

iQIYI stock opened at $1.94 on Thursday. The firm has a market capitalization of $1.86 billion, a P/E ratio of 9.70, a P/E/G ratio of 1.99 and a beta of 0.02. The company has a current ratio of 0.45, a quick 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. The stock’s fifty day simple moving average is $2.10 and its 200-day simple moving average is $2.57.

Institutional Trading of iQIYI

Institutional investors have recently modified their holdings of the stock. Genesis Investment Management LLP increased its position in shares of iQIYI by 112.1% during the third quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock worth $47,425,000 after purchasing an additional 8,765,711 shares in the last quarter. Quarry LP purchased a new position in iQIYI during the 2nd quarter worth approximately $18,075,000. Monolith Management Ltd acquired a new position in iQIYI during the third quarter worth approximately $4,576,000. The Manufacturers Life Insurance Company lifted its stake in 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 during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of iQIYI by 8,351.7% in the third quarter. SG Americas Securities LLC now owns 1,005,249 shares of the company’s stock valued at $2,875,000 after acquiring an additional 993,355 shares during the period. Hedge funds and other institutional investors 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.