Home » The Goldman Sachs Group Initiates Coverage on iQIYI (NASDAQ:IQ)

The Goldman Sachs Group Initiates Coverage on iQIYI (NASDAQ:IQ)

by 100IQ Win The Knowledge


Analysts at The Goldman Sachs Group started coverage on shares of iQIYI (NASDAQ:IQ – Get Rating) in a research note issued to investors on Sunday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $6.20 price target on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 39.64% from the company’s current price.

A number of other brokerages have also issued reports on IQ. OTR Global reissued a “negative” rating on shares of iQIYI in a research note on Monday, January 10th. JPMorgan Chase & Co. cut shares of iQIYI from an “overweight” rating to an “underweight” rating and lowered their price objective for the company from $8.00 to $2.00 in a research report on Monday, March 14th. HSBC reduced their target price on shares of iQIYI from $8.10 to $4.80 in a research report on Friday, January 14th. Benchmark initiated coverage on iQIYI in a report on Tuesday, December 28th. They issued a “hold” rating for the company. Finally, Zacks Investment Research downgraded iQIYI from a “buy” rating to a “hold” rating in a report on Thursday, March 24th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $9.51.

IQ opened at $4.44 on Friday. The business has a fifty day moving average of $4.18 and a 200 day moving average of $5.62. The stock has a market cap of $3.48 billion, a P/E ratio of -3.67 and a beta of 0.80. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 2.40. iQIYI has a 52-week low of $1.86 and a 52-week high of $17.02.

Hedge funds have recently modified their holdings of the stock. CoreView Capital Management Ltd purchased a new position in iQIYI in the fourth quarter worth $85,872,000. Bank of America Corp DE grew its stake in iQIYI by 66.7% during the 2nd quarter. Bank of America Corp DE now owns 19,893,696 shares of the company’s stock worth $309,943,000 after buying an additional 7,957,425 shares during the last quarter. Boyu Capital Investment Management Co. Ltd acquired a new position in iQIYI during the 4th quarter valued at about $4,955,000. Banco Santander S.A. acquired a new stake in iQIYI in the third quarter worth about $44,165,000. Finally, Nut Tree Capital Management LP acquired a new position in shares of iQIYI during the third quarter valued at about $16,222,000. 30.63% of the stock is currently owned by institutional investors.

iQIYI Company Profile (Get Rating)

iQIYI, Inc engages in the provision of internet video streaming services. It operates a smart television streaming service and an entertainment-based social media platform, iQIYI Paopao. The firm also also distribute video content through third-party platforms. The company was founded by Yu Gong in November 2009 and is headquartered in Haidan District, China.

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