iQIYI (NASDAQ:IQ) Shares Gap Up to $2.14

iQIYI, Inc. (NASDAQ:IQ)’s share price gapped up before the market opened on Friday . The stock had previously closed at $2.14, but opened at $2.19. iQIYI shares last traded at $2.13, with a volume of 906,196 shares.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on IQ shares. The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price on the stock. in a report on Tuesday, August 27th. JPMorgan Chase & Co. dropped their price objective on iQIYI from $5.00 to $3.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Nomura Securities upgraded iQIYI to a “hold” rating in a research report on Monday, August 26th. Hsbc Global Res downgraded iQIYI from a “hold” rating to a “moderate sell” rating in a research note on Tuesday, July 23rd. Finally, HSBC downgraded shares of iQIYI from a “hold” rating to a “reduce” rating and reduced their price target for the company from $4.70 to $3.00 in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $3.45.

iQIYI Price Performance

The company has a 50 day moving average price of $2.76 and a 200-day moving average price of $3.79. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 7.50, a P/E/G ratio of 0.46 and a beta of 0.05. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.67.

iQIYI (NASDAQ:IQ) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.05). iQIYI had a net margin of 5.37% and a return on equity of 14.57%. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the company posted $0.05 earnings per share. As a group, equities research analysts predict that iQIYI, Inc. will post 0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On iQIYI

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in iQIYI during the 4th quarter valued at approximately $49,853,000. Genesis Investment Management LLP acquired a new position in iQIYI in the second quarter valued at $28,686,000. Quarry LP bought a new stake in iQIYI during the second quarter valued at $18,075,000. Maple Rock Capital Partners Inc. grew its holdings in iQIYI by 65.4% during the 1st quarter. Maple Rock Capital Partners Inc. now owns 10,320,000 shares of the company’s stock worth $43,654,000 after acquiring an additional 4,080,000 shares during the period. Finally, Federated Hermes Inc. raised its position in shares of iQIYI by 18.9% in the 2nd quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after acquiring an additional 2,549,287 shares in the last quarter. 52.69% of the stock is owned by institutional investors and hedge funds.

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.