AI Squared Management Ltd Makes New $496,000 Investment in iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)

Key Points

• AI Squared Management Ltd purchased 219,500 shares of iQIYI, valued at approximately $496,000, making it the 15th largest holding in their portfolio.
• Other investors, including Krane Funds Advisors LLC and Vanguard Group Inc., have also significantly increased their stakes in iQIYI during the first quarter.
• Wall Street analysts have downgraded iQIYI from a "hold" to a "sell" rating, with the average target price set at $2.39.

AI Squared Management Ltd bought a new position in shares of iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 219,500 shares of the company's stock, valued at approximately $496,000. iQIYI accounts for about 0.5% of AI Squared Management Ltd's portfolio, making the stock its 15th biggest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of IQ. Krane Funds Advisors LLC boosted its stake in iQIYI by 23.6% during the first quarter. Krane Funds Advisors LLC now owns 26,905,091 shares of the company's stock worth $60,806,000 after buying an additional 5,141,322 shares in the last quarter. Woodline Partners LP acquired a new stake in iQIYI during the fourth quarter worth $6,818,000. Dimensional Fund Advisors LP boosted its stake in iQIYI by 41.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,011,033 shares of the company's stock worth $22,135,000 after buying an additional 3,235,223 shares in the last quarter. Federated Hermes Inc. boosted its stake in iQIYI by 44.5% during the first quarter. Federated Hermes Inc. now owns 9,370,852 shares of the company's stock worth $21,178,000 after buying an additional 2,886,631 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of iQIYI in the 4th quarter valued at $3,914,000. Institutional investors own 52.69% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of iQIYI from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $2.39.

iQIYI Price Performance

Shares of NASDAQ:IQ traded down $0.01 on Friday, hitting $1.84. The stock had a trading volume of 7,240,656 shares, compared to its average volume of 20,044,306. The firm's 50 day moving average price is $1.81 and its 200-day moving average price is $1.97. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 46.01 and a beta of -0.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.46 and a current ratio of 0.46. iQIYI, Inc. Sponsored ADR has a twelve month low of $1.50 and a twelve month high of $3.37.

iQIYI (NASDAQ:IQ - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $988.19 million for the quarter, compared to analyst estimates of $7.10 billion. iQIYI had a return on equity of 3.62% and a net margin of 1.02%. On average, equities research analysts predict that iQIYI, Inc. Sponsored ADR will post 0.04 earnings per share for the current year.

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.