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

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

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

iQIYI Stock Performance

Shares of iQIYI stock opened at $1.94 on Thursday. The business’s 50 day moving average price is $2.10 and its 200 day moving average price is $2.57. 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 company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45. iQIYI has a one year low of $1.82 and a one year high of $5.80.

Hedge Funds Weigh In On iQIYI

Hedge funds have recently made changes to their positions in the stock. Ballentine Partners LLC purchased a new stake in iQIYI in the fourth quarter valued at approximately $47,000. Principal Financial Group Inc. grew its stake in shares of iQIYI by 181.1% in the third quarter. Principal Financial Group Inc. now owns 101,500 shares of the company’s stock valued at $290,000 after buying an additional 65,396 shares in the last quarter. Garden State Investment Advisory Services LLC purchased a new stake in shares of iQIYI in the 3rd quarter valued at $835,000. Franklin Resources Inc. lifted its stake in iQIYI by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 173,386 shares of the company’s stock worth $496,000 after acquiring an additional 23,926 shares in the last quarter. Finally, Tidal Investments LLC purchased a new position in iQIYI during the 3rd quarter valued at about $164,000. 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.