Causeway Capital Management LLC Acquires 651,500 Shares of iQIYI, Inc. Sponsored ADR $IQ

Key Points

• Causeway Capital Management LLC has increased its stake in iQIYI, Inc. by 29%, now owning approximately 2.9 million shares valued at $6.5 million.
• Significant changes in ownership have also been reported from other hedge funds, with 52.69% of iQIYI's stock held by institutional investors.
• Equities analysts have mixed ratings for iQIYI, with UBS upgrading the stock to a "buy" and setting a price target of $3.32.

Causeway Capital Management LLC lifted its position in iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Free Report) by 29.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,896,200 shares of the company's stock after acquiring an additional 651,500 shares during the quarter. Causeway Capital Management LLC owned approximately 0.30% of iQIYI worth $6,545,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in IQ. Krane Funds Advisors LLC lifted its position in shares of iQIYI by 23.6% in the 1st quarter. Krane Funds Advisors LLC now owns 26,905,091 shares of the company's stock valued at $60,806,000 after acquiring an additional 5,141,322 shares in the last quarter. Woodline Partners LP purchased a new stake in shares of iQIYI in the 4th quarter valued at approximately $6,818,000. Dimensional Fund Advisors LP lifted its position in shares of iQIYI by 41.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,011,033 shares of the company's stock valued at $22,135,000 after acquiring an additional 3,235,223 shares in the last quarter. Federated Hermes Inc. lifted its position in iQIYI by 44.5% in the 1st 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, Charles Schwab Investment Management Inc. lifted its position in iQIYI by 247.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,884,384 shares of the company's stock worth $4,259,000 after buying an additional 1,341,745 shares in the last quarter. Hedge funds and other institutional investors own 52.69% of the company's stock.

iQIYI Stock Performance

NASDAQ:IQ traded up $0.14 during midday trading on Friday, reaching $2.65. The stock had a trading volume of 39,732,108 shares, compared to its average volume of 28,720,488. iQIYI, Inc. Sponsored ADR has a 1-year low of $1.50 and a 1-year high of $3.35. The firm's fifty day simple moving average is $1.94 and its 200-day simple moving average is $1.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.42 and a quick ratio of 0.42. The stock has a market capitalization of $2.55 billion, a P/E ratio of 265.27 and a beta of -0.14.

Wall Street Analyst Weigh In

IQ has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of iQIYI from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. UBS Group upgraded shares of iQIYI from a "neutral" rating to a "buy" rating and set a $3.32 target price for the company in a research report on Thursday, August 21st. Jefferies Financial Group increased their target price on shares of iQIYI from $2.10 to $2.50 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, CLSA upgraded shares of iQIYI from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 19th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, iQIYI currently has a consensus rating of "Hold" and a consensus price target of $2.51.

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.