iQIYI (NASDAQ:IQ) Stock Price Down 6.9% - Here's Why

Key Points

• iQIYI shares fell 6.9% on Friday, trading as low as $1.17 before closing at $1.1550, with volume well below average.
• Recent analyst action has been mostly bearish: multiple firms downgraded the stock, and the consensus rating is now Hold with an average target price of $2.55.
• The company remains a relatively small-cap streaming business with a $1.12 billion market value, weak liquidity ratios, and institutional investors holding about 52.69% of shares.

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Get Free Report)'s stock price fell 6.9% on Friday . The company traded as low as $1.17 and last traded at $1.1550. Approximately 1,946,656 shares changed hands during trading, a decline of 78% from the average daily volume of 8,980,343 shares. The stock had previously closed at $1.24.

Analyst Ratings Changes

A number of equities research analysts have recently commented on IQ shares. Wall Street Zen downgraded iQIYI from a "hold" rating to a "sell" rating in a research report on Sunday, April 26th. Zacks Research downgraded iQIYI from a "hold" rating to a "strong sell" rating in a report on Wednesday, June 3rd. Benchmark reiterated a "hold" rating on shares of iQIYI in a research report on Tuesday, May 19th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of iQIYI in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $2.55.

iQIYI Trading Down 6.0%

The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.79. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -11.65 and a beta of 0.19. The company has a 50-day moving average price of $1.08 and a 200 day moving average price of $1.43.

Hedge Funds Weigh In On iQIYI

A number of large investors have recently made changes to their positions in the business. Parallel Advisors LLC boosted its holdings in shares of iQIYI by 20.8% during the fourth quarter. Parallel Advisors LLC now owns 29,472 shares of the company's stock worth $57,000 after purchasing an additional 5,077 shares during the period. Public Employees Retirement System of Ohio lifted its position in iQIYI by 2.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 366,300 shares of the company's stock worth $495,000 after buying an additional 8,900 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of iQIYI by 4.4% during the 1st quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company's stock valued at $721,000 after buying an additional 22,662 shares during the period. Catalyst Funds Management Pty Ltd purchased a new position in shares of iQIYI during the 4th quarter valued at $1,205,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of iQIYI by 393.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,152,263 shares of the company's stock worth $4,864,000 after acquiring an additional 1,716,011 shares during the last quarter. Institutional investors and hedge funds own 52.69% of the company's stock.

iQIYI Company Profile

iQIYI, Inc is a leading online entertainment service provider headquartered in Beijing, China, offering a comprehensive portfolio of streaming video content across multiple genres. The company operates a subscription-based video-on-demand (SVOD) platform, complemented by advertising-supported content (AVOD) and pay-per-view offerings. Its digital library encompasses original series, feature films, variety shows, animation and documentaries, catering to diverse demographic segments and viewer preferences.

Originally launched by Baidu in 2010 as an online video site, iQIYI was formally rebranded in early 2012 and has since expanded its footprint beyond China's domestic market.

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