Principal Financial Group Inc. Boosts Holdings in iQIYI, Inc. (NASDAQ:IQ)

Principal Financial Group Inc. raised its stake in iQIYI, Inc. (NASDAQ:IQ) by 181.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 101,500 shares of the company’s stock after acquiring an additional 65,396 shares during the quarter. Principal Financial Group Inc.’s holdings in iQIYI were worth $290,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Garden State Investment Advisory Services LLC bought a new position in shares of iQIYI during the 3rd quarter worth $835,000. Franklin Resources Inc. boosted its position in iQIYI by 16.0% during the third quarter. Franklin Resources Inc. now owns 173,386 shares of the company’s stock worth $496,000 after purchasing an additional 23,926 shares during the period. Tidal Investments LLC purchased a new position in shares of iQIYI in the third quarter worth about $164,000. Virtu Financial LLC purchased a new stake in shares of iQIYI during the 3rd quarter valued at approximately $282,000. Finally, Geode Capital Management LLC boosted its holdings in iQIYI by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,259,673 shares of the company’s stock worth $9,256,000 after buying an additional 112,709 shares during the period. 52.69% of the stock is owned by institutional investors.

iQIYI Trading Up 1.0 %

Shares of IQ stock opened at $1.99 on Tuesday. The company has a market capitalization of $1.91 billion, a PE ratio of 9.95, a price-to-earnings-growth ratio of 0.58 and a beta of 0.02. iQIYI, Inc. has a 52-week low of $1.89 and a 52-week high of $5.80. The business’s fifty day moving average is $2.21 and its 200 day moving average is $2.67. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on IQ shares. Benchmark restated a “hold” rating on shares of iQIYI in a research report on Friday, November 22nd. JPMorgan Chase & Co. reduced their target price on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Friday, November 22nd. 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, the company currently has an average rating of “Hold” and an average target price of $3.15.

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.