Norges Bank Takes $3.91 Million Position in iQIYI, Inc. (NASDAQ:IQ)

Norges Bank purchased a new stake in shares of iQIYI, Inc. (NASDAQ:IQ - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,947,461 shares of the company's stock, valued at approximately $3,914,000. Norges Bank owned 0.20% of iQIYI as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in IQ. SBI Securities Co. Ltd. purchased a new position in shares of iQIYI during the fourth quarter worth $32,000. PDS Planning Inc purchased a new position in shares of iQIYI in the fourth quarter valued at approximately $35,000. Ballentine Partners LLC purchased a new stake in iQIYI during the 4th quarter worth approximately $47,000. HighTower Advisors LLC boosted its position in iQIYI by 102.9% in the 3rd quarter. HighTower Advisors LLC now owns 19,840 shares of the company's stock valued at $56,000 after buying an additional 701,901 shares during the period. Finally, Corient Private Wealth LLC grew its stake in shares of iQIYI by 37.3% in the fourth quarter. Corient Private Wealth LLC now owns 28,138 shares of the company's stock worth $57,000 after acquiring an additional 7,645 shares in the last quarter. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IQ has been the topic of several recent research reports. Hsbc Global Res upgraded iQIYI from a "moderate sell" rating to a "hold" rating in a report on Thursday, January 16th. HSBC raised iQIYI from a "reduce" rating to a "hold" rating and set a $2.15 price target for the company in a report on Thursday, January 16th. OTR Global reaffirmed a "negative" rating on shares of iQIYI in a research report on Wednesday, January 8th. Citigroup dropped their price target on iQIYI from $3.00 to $2.80 and set a "buy" rating on the stock in a research note on Thursday, January 16th. Finally, Benchmark reaffirmed a "hold" rating on shares of iQIYI in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $2.91.

iQIYI Price Performance

Shares of NASDAQ:IQ traded down $0.02 during trading on Wednesday, reaching $1.74. The company had a trading volume of 10,475,976 shares, compared to its average volume of 20,522,107. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.45 and a current ratio of 0.44. The firm's fifty day moving average is $2.17 and its 200 day moving average is $2.24. iQIYI, Inc. has a twelve month low of $1.50 and a twelve month high of $5.80. The firm has a market capitalization of $1.67 billion, a PE ratio of 17.35, a price-to-earnings-growth ratio of 4.13 and a beta of -0.18.

iQIYI (NASDAQ:IQ - Get Free Report) last released its earnings results on Tuesday, February 18th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. The company had revenue of $919.56 million during the quarter, compared to analyst estimates of $6.62 billion. iQIYI had a return on equity of 7.62% and a net margin of 2.62%. On average, equities analysts forecast that iQIYI, Inc. will post 0.04 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.