JPMorgan Chase & Co. Trims iQIYI (NASDAQ:IQ) Target Price to $3.00

iQIYI (NASDAQ:IQ) had its target price trimmed by JPMorgan Chase & Co. from $5.00 to $3.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities analysts have also weighed in on the stock. HSBC lowered shares of iQIYI from a hold rating to a reduce rating and reduced their target price for the stock from $4.70 to $3.00 in a research note on Tuesday. Benchmark restated a buy rating and set a $9.00 price objective on shares of iQIYI in a research note on Friday, May 17th. Finally, OTR Global restated a mixed rating on shares of iQIYI in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, iQIYI currently has an average rating of Hold and an average price target of $5.03.

iQIYI Price Performance

Shares of NASDAQ IQ opened at $3.11 on Tuesday. The firm has a market cap of $2.98 billion, a PE ratio of 11.11, a PEG ratio of 0.30 and a beta of 0.07. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.68. iQIYI has a 1-year low of $3.02 and a 1-year high of $6.47. The company has a fifty day moving average price of $4.08 and a 200 day moving average price of $4.10.

iQIYI (NASDAQ:IQ) last announced its earnings results on Thursday, May 16th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.09 billion. iQIYI had a net margin of 6.23% and a return on equity of 17.57%. Research analysts predict that iQIYI will post 0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iQIYI

A number of institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System raised its holdings in shares of iQIYI by 2.4% in the 1st quarter. California State Teachers Retirement System now owns 127,426 shares of the company’s stock valued at $539,000 after purchasing an additional 2,950 shares during the period. Ballentine Partners LLC raised its holdings in shares of iQIYI by 65.0% in the 1st quarter. Ballentine Partners LLC now owns 18,317 shares of the company’s stock valued at $77,000 after purchasing an additional 7,219 shares during the period. abrdn plc raised its holdings in iQIYI by 6.6% in the 4th quarter. abrdn plc now owns 127,539 shares of the company’s stock valued at $622,000 after acquiring an additional 7,932 shares during the period. DNB Asset Management AS raised its holdings in iQIYI by 45.0% in the 2nd quarter. DNB Asset Management AS now owns 37,616 shares of the company’s stock valued at $138,000 after acquiring an additional 11,679 shares during the period. Finally, Raymond James Financial Services Advisors Inc. bought a new position in iQIYI in the 4th quarter valued at about $61,000. 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.