iQIYI, Inc. Sponsored ADR (NASDAQ:IQ) Shares Sold by E Fund Management Co. Ltd.

Key Points

• E Fund Management Co. Ltd. reduced its stake in iQIYI, Inc. by 17.8%, selling 476,096 shares and holding 2,191,662 shares as of the most recent quarter.
• iQIYI's stock price increased by 2.2%, with a current trading price of $1.85 and a market capitalization of $1.78 billion.
• Wall Street analysts have downgraded iQIYI from a "hold" to a "sell" rating, with an average price target of $2.39 for the stock.

E Fund Management Co. Ltd. lowered its stake in iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Free Report) by 17.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,191,662 shares of the company's stock after selling 476,096 shares during the quarter. E Fund Management Co. Ltd. owned about 0.23% of iQIYI worth $4,953,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd raised its stake in iQIYI by 15,081.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 44,481 shares of the company's stock valued at $101,000 after acquiring an additional 44,188 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of iQIYI by 102.3% in the first quarter. HighTower Advisors LLC now owns 15,639 shares of the company's stock worth $35,000 after buying an additional 698,342 shares during the last quarter. Virtu Financial LLC boosted its stake in iQIYI by 132.7% in the first quarter. Virtu Financial LLC now owns 448,126 shares of the company's stock worth $1,013,000 after purchasing an additional 255,538 shares in the last quarter. Invesco Ltd. boosted its position in iQIYI by 50.0% in the 1st quarter. Invesco Ltd. now owns 674,349 shares of the company's stock valued at $1,524,000 after buying an additional 224,694 shares during the last quarter. Finally, AI Squared Management Ltd acquired a new stake in iQIYI during the 1st quarter worth $496,000. Institutional investors and hedge funds own 52.69% of the company's stock.

iQIYI Trading Up 4.2%

Shares of NASDAQ IQ traded up $0.08 during midday trading on Friday, hitting $1.99. 32,412,843 shares of the company traded hands, compared to its average volume of 17,961,514. The firm has a market cap of $1.92 billion, a P/E ratio of 27.29 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 12-month low of $1.50 and a 12-month high of $3.37. The stock has a 50-day moving average price of $1.83 and a 200 day moving average price of $1.96.

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

Wall Street Analyst Weigh In

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

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.