Zacks Investment Research upgraded shares of IQIYI (NASDAQ:IQ) from a hold rating to a strong-buy rating in a research note released on Thursday, Zacks.com reports. Zacks Investment Research currently has $22.00 target price on the stock.
According to Zacks, “Iqiyi Inc. provides online entertainment service. The Company offer movies, television dramas, variety shows and other video contents. Iqiyi Inc is based in Haidian, China. “
Several other analysts have also recently commented on the company. HSBC cut easyJet to a hold rating in a report on Tuesday, April 2nd. Credit Suisse Group set a GBX 3,090 ($40.38) price target on Royal Dutch Shell and gave the company a buy rating in a report on Wednesday. Finally, Loop Capital initiated coverage on TENCENT HOLDING/ADR in a report on Monday, June 3rd. They issued a buy rating for the company. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $27.29.
IQIYI (NASDAQ:IQ) last released its quarterly earnings results on Thursday, May 16th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.17. The firm had revenue of $6.99 billion for the quarter, compared to the consensus estimate of $6.89 billion. IQIYI had a negative return on equity of 52.01% and a negative net margin of 38.72%. The firm’s quarterly revenue was up 43.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.31) EPS. Equities research analysts predict that IQIYI will post -1.38 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in IQ. WT Asset Management Ltd purchased a new stake in shares of IQIYI in the first quarter valued at $53,067,000. Bank of America Corp DE grew its position in shares of IQIYI by 240.9% in the fourth quarter. Bank of America Corp DE now owns 2,444,498 shares of the company’s stock valued at $36,350,000 after purchasing an additional 1,727,430 shares during the period. Ardevora Asset Management LLP purchased a new stake in shares of IQIYI in the first quarter valued at $36,813,000. Norges Bank purchased a new stake in shares of IQIYI in the fourth quarter valued at $21,687,000. Finally, Ward Ferry Management BVI Ltd grew its position in shares of IQIYI by 56.0% in the first quarter. Ward Ferry Management BVI Ltd now owns 2,725,300 shares of the company’s stock valued at $65,189,000 after purchasing an additional 978,200 shares during the period. 19.65% of the stock is owned by institutional investors.
IQIYI Company Profile
iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand 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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