Ltd. (NYSE:QIHU).The analysts at the brokerage house have a current rating of Buy on the shares. The consensus target price stands at $68.25.
Aside from being the leading data highway company in China, Qihoo 360 Technology Co. 1,211,793 shares of the company’s stock were exchanged. Qihoo 360 Technology has a 12-month low of $44.56 and a 12-month high of $88.29. The firm’s 50-day moving average is $59.33 and its 200-day moving average is $57.84. As per Qihoo’s estimation, the value is at around $750 million, meaning it wants Coolpad to shell out $1.5 billion as payment for its betrayal. The company reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters consensus estimate of $0.71 by $0.11. During the same period in the prior year, the firm earned $0.50 earnings per share. The company’s revenue was up 37.9% compared to the same quarter past year.
A number of equities research analysts have recently issued reports on QIHU shares. Vetr upgraded shares of Qihoo 360 Technology Co from a hold rating to a strong-buy rating and set a $73.60 price target for the company in a research report on Wednesday, July 22nd.
Qihoo 360 Technology Co (NYSE:QIHU) had its price objective cut by Jefferies Group from $60.00 to $55.00 in a research report sent to investors on Wednesday morning, StockTargetPrices.com reports. Finally, Stifel Nicolaus reissued a “buy” rating and set a $8.00 target price on shares of Qihoo 360 Technology Co in a report on Friday, July 10th.
Qihoo 360 said it intends to exercise a put option to sell its entire 49.5% stake in a joint venture with smartphone manufacturer Coolpad “at a total price equal to twice its fair market value, exercisable if Coolpad breaches its non-compete obligations under the shareholders agreement”.
The demand was made in response to Coolpad’s collaboration with online media content provider LeTV, which Qihoo said has jeopardized the interests of Coolpad E-Commerce, a joint venture established between the two companies chiefly to sell mobile terminal products through internet distribution channels. It monetizes its user base primarily through offering online advertising and Internet value-added services. The Company has developed various platform products to meet a range of security-related needs of Internet users and create access points to the Internet, which include 360 browsers; 360 Personal Start-up Page and its subpages; 360 Search, and 360 Mobile Assistant.