IQIYI Inc’s Lock-Up Period To Expire Tomorrow (NASDAQ:IQ)

IQIYI’s (NASDAQ:IQ) lock-up period is set to expire on Tuesday, September 25th. IQIYI had issued 125,000,000 shares in its initial public offering on March 29th. The total size of the offering was $2,250,000,000 based on an initial share price of $18.00. After the end of the company’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

Several brokerages have issued reports on IQ. Goldman Sachs Group downgraded shares of IQIYI from a “buy” rating to a “neutral” rating and set a $23.00 price objective on the stock. in a research report on Thursday, August 2nd. They noted that the move was a valuation call. Credit Suisse Group downgraded shares of IQIYI from an “outperform” rating to a “neutral” rating in a research report on Wednesday, August 1st. CLSA initiated coverage on shares of IQIYI in a report on Tuesday, September 4th. They issued a “buy” rating on the stock. Bank of America lifted their target price on shares of IQIYI from $35.50 to $41.00 and gave the company a “neutral” rating in a report on Wednesday, August 1st. Finally, Zacks Investment Research raised shares of IQIYI from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Saturday, August 4th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. IQIYI presently has an average rating of “Buy” and an average price target of $30.00.

Shares of NASDAQ:IQ opened at $26.25 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. IQIYI has a fifty-two week low of $15.30 and a fifty-two week high of $46.23.

IQIYI (NASDAQ:IQ) last issued its earnings results on Tuesday, July 31st. The company reported ($0.45) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.30) by $1.85. The firm had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.26 billion. The firm’s revenue for the quarter was up 42.6% compared to the same quarter last year. research analysts predict that IQIYI will post -1.13 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the company. PNC Financial Services Group Inc. purchased a new stake in shares of IQIYI in the second quarter valued at about $105,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of IQIYI in the second quarter valued at about $113,000. Canada Pension Plan Investment Board boosted its holdings in IQIYI by 0.4% during the second quarter. Canada Pension Plan Investment Board now owns 1,506,000 shares of the company’s stock worth $48,644,000 after buying an additional 6,000 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new stake in IQIYI during the second quarter worth about $208,000. Finally, GAM Holding AG purchased a new stake in IQIYI during the second quarter worth about $216,000. 5.56% of the stock is currently owned by institutional investors and hedge funds.

IQIYI Company Profile

iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand name 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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