Hsbc Holdings PLC Lowers Holdings in iQIYI, Inc. Sponsored ADR $IQ

Key Points

• HSBC Holdings PLC reduced its stake in iQIYI, Inc. by 94%, now holding approximately 0.07% of the company, valued at $1.6 million.
• Multiple hedge funds adjusted their positions in iQIYI during the fourth quarter, with Northern Trust Corp increasing its stake by 94.5%.
• Research analysts have given mixed ratings on iQIYI, with three rating it as a "Buy," while three have a "Hold" rating and one a "Sell" rating.

Hsbc Holdings PLC decreased its holdings in shares of iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Free Report) by 94.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 711,194 shares of the company's stock after selling 11,047,714 shares during the quarter. Hsbc Holdings PLC owned about 0.07% of iQIYI worth $1,607,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Krane Funds Advisors LLC raised 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 valued at $60,806,000 after purchasing an additional 5,141,322 shares in the last quarter. Vanguard Group Inc. raised its stake in iQIYI by 3.6% during the first quarter. Vanguard Group Inc. now owns 18,956,694 shares of the company's stock valued at $42,842,000 after purchasing an additional 663,609 shares in the last quarter. Dimensional Fund Advisors LP raised 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 valued at $22,135,000 after purchasing an additional 3,235,223 shares in the last quarter. Federated Hermes Inc. raised 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 valued at $21,178,000 after purchasing an additional 2,886,631 shares in the last quarter. Finally, Woodline Partners LP purchased a new stake in iQIYI during the 4th quarter valued at $6,818,000. Hedge funds and other institutional investors own 52.69% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on IQ shares. CLSA raised shares of iQIYI from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 19th. UBS Group raised shares of iQIYI from a "neutral" rating to a "buy" rating and set a $3.32 price objective for the company in a research note on Thursday, August 21st. Jefferies Financial Group lifted their price objective on shares of iQIYI from $2.10 to $2.50 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Wall Street Zen lowered shares of iQIYI from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Finally, Cfra Research lowered shares of iQIYI from a "hold" rating to a "moderate sell" rating in a research note on Thursday, August 28th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $2.51.

iQIYI Trading Up 1.1%

IQ stock traded up $0.03 during midday trading on Wednesday, reaching $2.71. The company's stock had a trading volume of 22,415,744 shares, compared to its average volume of 26,622,980. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.42 and a current ratio of 0.42. The stock has a fifty day simple moving average of $2.02 and a two-hundred day simple moving average of $1.97. iQIYI, Inc. Sponsored ADR has a 1 year low of $1.50 and a 1 year high of $3.35. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 271.27 and a beta of -0.14.

iQIYI 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.