Vanguard Group Inc. Acquires 663,609 Shares of iQIYI, Inc. Sponsored ADR $IQ

Key Points

• Vanguard Group Inc. increased its stake in iQIYI, Inc. by 3.6% during the first quarter, acquiring 663,609 additional shares, bringing its total ownership to approximately 1.97% valued at $42.8 million.
• Several other hedge funds also boosted their holdings in iQIYI, including Krane Funds Advisors LLC, which raised its stake by 23.6%, now owning 26.9 million shares valued at $60.8 million.
• Analysts have mixed views on iQIYI's stock, with ratings ranging from "buy" to "sell," while the current consensus target price is set at $2.56.

Vanguard Group Inc. boosted its stake in iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Free Report) by 3.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,956,694 shares of the company's stock after buying an additional 663,609 shares during the period. Vanguard Group Inc. owned 1.97% of iQIYI worth $42,842,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Krane Funds Advisors LLC lifted its holdings in iQIYI by 23.6% in 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 during the period. Dimensional Fund Advisors LP lifted its holdings in iQIYI by 41.6% in 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 during the period. Federated Hermes Inc. lifted its holdings in iQIYI by 44.5% in 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 during the period. Woodline Partners LP purchased a new stake in iQIYI in the fourth quarter worth about $6,818,000. Finally, Northern Trust Corp lifted its holdings in iQIYI by 94.5% in the fourth quarter. Northern Trust Corp now owns 1,230,272 shares of the company's stock worth $2,473,000 after buying an additional 597,819 shares during the period. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on IQ. Jefferies Financial Group raised their price objective on shares of iQIYI from $2.10 to $2.50 and gave the stock a "buy" rating in a report on Wednesday, August 20th. CLSA upgraded shares of iQIYI from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 19th. 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 report on Thursday, August 21st. Finally, Wall Street Zen lowered shares of iQIYI from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $2.51.

iQIYI Stock Up 5.6%

NASDAQ IQ traded up $0.14 during mid-day trading on Friday, reaching $2.65. The stock had a trading volume of 39,732,108 shares, compared to its average volume of 27,019,302. iQIYI, Inc. Sponsored ADR has a 1 year low of $1.50 and a 1 year high of $3.35. The stock has a market cap of $2.55 billion, a PE ratio of 265.27 and a beta of -0.14. The company has a fifty day moving average price of $1.96 and a 200 day moving average price of $1.96. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.42 and a quick ratio of 0.42.

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.