iQIYI (NASDAQ:IQ) Sees Strong Trading Volume

Shares of iQIYI, Inc. (NASDAQ:IQ) saw strong trading volume on Tuesday . 5,076,103 shares were traded during mid-day trading, a decline of 45% from the previous session’s volume of 9,224,665 shares.The stock last traded at $2.37 and had previously closed at $2.14.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on iQIYI from $5.00 to $3.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. HSBC downgraded iQIYI from a “hold” rating to a “reduce” rating and decreased their price objective for the stock from $4.70 to $3.00 in a research note on Tuesday, July 23rd. Benchmark downgraded iQIYI from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective on the stock. in a research note on Tuesday, August 27th. Finally, Nomura Securities raised iQIYI to a “hold” rating in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, iQIYI has a consensus rating of “Hold” and an average price target of $3.45.

iQIYI Price Performance

The company has a debt-to-equity ratio of 0.67, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a 50-day moving average of $2.68 and a 200-day moving average of $3.76. The stock has a market cap of $2.23 billion, a PE ratio of 8.29, a PEG ratio of 0.49 and a beta of 0.05.

iQIYI (NASDAQ:IQ) last released its 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 return on equity of 14.57% and a net margin of 5.37%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the prior year, the business posted $0.05 EPS. Research analysts predict that iQIYI, Inc. will post 0.16 EPS for the current year.

Hedge Funds Weigh In On iQIYI

Several institutional investors have recently added to or reduced their stakes in IQ. Norges Bank purchased a new position in iQIYI during the 4th quarter valued at approximately $49,853,000. Genesis Investment Management LLP purchased a new position in iQIYI during the 2nd quarter valued at approximately $28,686,000. Quarry LP purchased a new position in iQIYI during the 2nd quarter valued at approximately $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 valued at $43,654,000 after buying an additional 4,080,000 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in iQIYI by 18.9% during the 2nd quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock valued at $58,929,000 after buying an additional 2,549,287 shares in the last quarter. Hedge funds and other institutional investors own 52.69% of the company’s stock.

About iQIYI

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.