iQIYI (NASDAQ:IQ) Shares Down 3.5% After Analyst Downgrade

iQIYI, Inc. (NASDAQ:IQ)’s stock price dropped 3.5% on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $2.50 to $1.80. JPMorgan Chase & Co. currently has a neutral rating on the stock. iQIYI traded as low as $1.94 and last traded at $1.95. Approximately 4,196,320 shares traded hands during trading, a decline of 64% from the average daily volume of 11,754,837 shares. The stock had previously closed at $2.02.

Several other brokerages also recently issued reports on IQ. Benchmark restated a “hold” rating on shares of iQIYI in a research report on Friday. The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target for the company. in a research report on Tuesday, August 27th. Finally, Nomura Securities raised shares of 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 given a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $3.15.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in iQIYI by 13.5% during the second quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock valued at $21,443,000 after acquiring an additional 694,349 shares during the period. Genesis Investment Management LLP grew its holdings in shares of iQIYI by 112.1% during the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock worth $47,425,000 after purchasing an additional 8,765,711 shares during the period. SG Americas Securities LLC increased its position in iQIYI by 8,351.7% during the 3rd quarter. SG Americas Securities LLC now owns 1,005,249 shares of the company’s stock worth $2,875,000 after purchasing an additional 993,355 shares in the last quarter. American Century Companies Inc. lifted its position in iQIYI by 36.2% during the second quarter. American Century Companies Inc. now owns 946,984 shares of the company’s stock valued at $3,475,000 after buying an additional 251,813 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of iQIYI by 185.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock valued at $7,803,000 after acquiring an additional 1,381,265 shares during the period. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

iQIYI Price Performance

The company’s fifty day moving average is $2.47 and its two-hundred day moving average is $3.23. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 9.75, a price-to-earnings-growth ratio of 0.55 and a beta of 0.08.

iQIYI (NASDAQ:IQ) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). iQIYI had a return on equity of 13.43% and a net margin of 4.69%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the firm earned $0.05 EPS. Equities research analysts forecast that iQIYI, Inc. will post 0.16 EPS for the current year.

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.