Bank of America Corp DE Sells 7,336,478 Shares of iQIYI, Inc. (NASDAQ:IQ)

Bank of America Corp DE reduced its stake in iQIYI, Inc. (NASDAQ:IQ - Free Report) by 89.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 827,212 shares of the company's stock after selling 7,336,478 shares during the period. Bank of America Corp DE owned 0.09% of iQIYI worth $1,663,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in IQ. SBI Securities Co. Ltd. acquired a new stake in iQIYI during the 4th quarter worth $32,000. PDS Planning Inc acquired a new stake in iQIYI during the 4th quarter worth $35,000. BTG Pactual Asset Management US LLC acquired a new stake in iQIYI during the 4th quarter worth $37,000. Corient Private Wealth LLC raised its stake in iQIYI by 37.3% during the 4th quarter. Corient Private Wealth LLC now owns 28,138 shares of the company's stock worth $57,000 after buying an additional 7,645 shares during the period. Finally, ExodusPoint Capital Management LP acquired a new stake in iQIYI during the 4th quarter worth $70,000. 52.69% of the stock is currently owned by institutional investors.

iQIYI Stock Up 1.2%

Shares of IQ traded up $0.02 during midday trading on Friday, hitting $1.69. The stock had a trading volume of 8,625,505 shares, compared to its average volume of 22,699,319. The company has a 50 day simple moving average of $1.79 and a two-hundred day simple moving average of $2.04. iQIYI, Inc. has a twelve month low of $1.50 and a twelve month high of $4.32. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 16.90, a price-to-earnings-growth ratio of 4.13 and a beta of -0.18. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.44 and a quick ratio of 0.45.

iQIYI (NASDAQ:IQ - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.02). The company had revenue of $988.19 million during the quarter, compared to analyst estimates of $7.10 billion. iQIYI had a net margin of 2.62% and a return on equity of 7.62%. On average, analysts anticipate that iQIYI, Inc. will post 0.04 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Benchmark reissued a "hold" rating on shares of iQIYI in a research note on Wednesday, February 19th. Wall Street Zen downgraded iQIYI from a "hold" rating to a "sell" rating in a research note on Friday, May 30th. Two investment analysts have 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 data from MarketBeat.com, iQIYI has an average rating of "Hold" and a consensus target price of $2.91.

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.