iQIYI (NASDAQ:IQ) Trading Down 6.6% - Here's Why

Key Points

• iQIYI's stock has experienced a notable 6.6% decline, trading at $2.61, significantly below its previous close of $2.79.
• Analyst ratings show mixed sentiment, with three analysts recommending a Buy, four a Hold, and one a Sell, leading to a consensus rating of "Hold" with an average price target of $2.51.
• Institutional investors are actively involved, with notable increases in holdings by Krane Funds Advisors and Federated Hermes, indicating potential confidence in the stock's future performance.

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Get Free Report) was down 6.6% on Wednesday . The stock traded as low as $2.66 and last traded at $2.61. Approximately 5,330,368 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 28,204,479 shares. The stock had previously closed at $2.79.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on IQ shares. Wall Street Zen cut iQIYI from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. CLSA upgraded shares of iQIYI from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 19th. Cfra Research downgraded shares of iQIYI from a "hold" rating to a "moderate sell" rating in a research report on Thursday, August 28th. UBS Group upgraded shares of iQIYI from a "neutral" rating to a "buy" rating and set a $3.32 price target for the company in a research report on Thursday, August 21st. Finally, Jefferies Financial Group boosted their target price 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. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, iQIYI has a consensus rating of "Hold" and an average price target of $2.51.

iQIYI Stock Performance

The company's fifty day simple moving average is $2.10 and its 200 day simple moving average is $1.98. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $2.48 billion, a P/E ratio of 257.16 and a beta of -0.14.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Krane Funds Advisors LLC increased its holdings 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 buying an additional 5,141,322 shares during the last quarter. Woodline Partners LP acquired a new stake in iQIYI in the 4th quarter worth approximately $6,818,000. Federated Hermes Inc. increased its holdings in shares of iQIYI by 44.5% during the 1st 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in iQIYI by 393.4% during 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 valued at $4,864,000 after purchasing an additional 1,716,011 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in iQIYI by 247.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,884,384 shares of the company's stock worth $4,259,000 after purchasing an additional 1,341,745 shares during the last quarter. 52.69% of the stock is owned by hedge funds and other institutional investors.

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.

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