IQIYI Inc (NASDAQ:IQ) Expected to Post Quarterly Sales of $999.59 Million

Brokerages forecast that IQIYI Inc (NASDAQ:IQ) will post $999.59 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for IQIYI’s earnings, with the lowest sales estimate coming in at $988.30 million and the highest estimate coming in at $1.01 billion. IQIYI posted sales of $1.02 billion in the same quarter last year, which suggests a negative year over year growth rate of 2%. The business is scheduled to issue its next earnings report on Thursday, February 20th.

On average, analysts expect that IQIYI will report full-year sales of $4.05 billion for the current year, with estimates ranging from $4.00 billion to $4.08 billion. For the next year, analysts forecast that the business will report sales of $4.67 billion, with estimates ranging from $4.61 billion to $4.70 billion. Zacks’ sales calculations are an average based on a survey of analysts that cover IQIYI.

IQIYI (NASDAQ:IQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($5.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($4.30). The business had revenue of $7.40 billion during the quarter, compared to the consensus estimate of $7.23 billion. IQIYI had a negative return on equity of 72.51% and a negative net margin of 39.47%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.62) earnings per share.

A number of analysts recently issued reports on the company. CLSA cut IQIYI from an “outperform” rating to an “underperform” rating in a research note on Thursday, November 7th. Credit Suisse Group lowered shares of IQIYI from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 20th. UBS Group upgraded shares of IQIYI from a “neutral” rating to a “buy” rating in a report on Monday, November 11th. 86 Research downgraded shares of IQIYI from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Finally, ValuEngine lowered shares of IQIYI from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $21.23.

Several hedge funds have recently made changes to their positions in the company. NEXT Financial Group Inc boosted its holdings in IQIYI by 756.1% during the second quarter. NEXT Financial Group Inc now owns 3,082 shares of the company’s stock worth $64,000 after purchasing an additional 2,722 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of IQIYI in the 2nd quarter valued at about $99,000. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of IQIYI by 2.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 459,218 shares of the company’s stock valued at $9,483,000 after acquiring an additional 11,325 shares in the last quarter. Ariose Capital Management Ltd bought a new position in shares of IQIYI in the 2nd quarter valued at about $12,261,000. Finally, Highland Capital Management LLC acquired a new stake in shares of IQIYI in the second quarter valued at about $395,000. 24.29% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:IQ traded up $0.79 during trading on Tuesday, hitting $20.29. 9,804,786 shares of the company’s stock traded hands, compared to its average volume of 8,166,271. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.08. The company has a 50-day moving average price of $18.12 and a 200-day moving average price of $18.16. IQIYI has a 52 week low of $14.35 and a 52 week high of $29.18. The company has a market cap of $14.71 billion, a price-to-earnings ratio of -8.21 and a beta of 2.93.

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.

Read More: Why are trading ranges significant?

Get a free copy of the Zacks research report on IQIYI (IQ)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for IQIYI (NASDAQ:IQ)

Receive News & Ratings for IQIYI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IQIYI and related companies with MarketBeat.com's FREE daily email newsletter.