It appears that an investor group is about to make an official offer for Qihoo 360 Technology Co Ltd (NYSE:QIHU). Rumors on the street say that a pending offer is being discussed which would value shares of Qihoo 360 Technology Co Ltd (NYSE:QIHU) at approximately $77 a piece. The total value of the deal would be around $9 billion.
If such a deal was to go through the buyout would be the largest ever ‘going-private’ deal involving a U.S.-listed Chinese company.
It is interesting to note that just yesterday Goldman Sachs lowered their price target for the stock to $67.80 a share. The stock decreased 0.01% or $0.01 during the last trading session, hitting $67.89. About 221,274 shares traded hands. QIHU has risen 10.86% since April 28, 2015 and is uptrending. It has outperformed by 12.48% the S&P500.
Out of 2 analysts covering Qihoo 360 Technology (NYSE:QIHU), 0 rate it “Buy”, 0 “Sell”, while 2 “Hold”. This means 0 are positive. $67.80 is the highest target while $55 is the lowest. The $61.40 average target is -9.56% below today’s ($67.89) stock price. Qihoo 360 Technology was the topic in 2 analyst reports since September 2, 2015 according to StockzIntelligence Inc.
Qihoo 360 Technology Co. Ltd. is an Internet company. The company has a market cap of $8.72 billion. The Firm is primarily engaged in the activities of Internet services in the People’s Republic of China. It has 33.96 P/E ratio. The Company’s core Internet and mobile security products include 360 Safe Guard, 360 Anti-virus and 360 Mobile Safe.