iQIYI (NASDAQ:IQ) Share Price Breaks Above 50-Day Moving Average - Here's Why

Key Points

• iQIYI shares moved above their 50-day moving average of $0.96 on Wednesday, reaching $0.9778 before last trading at $0.9645.
• Analyst sentiment is mixed but averages to Hold: one analyst rates the stock Buy, four Hold, and one Sell. The average price target is $1.73.
• Institutional investors own 52.69% of the company’s shares; Jefferies Financial Group increased its position by 600% in the third quarter.

Shares of iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Get Free Report) crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $0.96 and traded as high as $0.9778. iQIYI shares last traded at $0.9645, with a volume of 5,590,898 shares.

Analyst Upgrades and Downgrades

IQ has been the topic of a number of recent research reports. Weiss Ratings restated a "sell (d)" rating on shares of iQIYI in a research note on Monday, September 21st. Wall Street Zen raised iQIYI from a "strong sell" rating to a "sell" rating in a report on Saturday, August 22nd. Zacks Research upgraded iQIYI from a "strong sell" rating to a "hold" rating in a research note on Monday, July 20th. JPMorgan Chase & Co. cut their target price on iQIYI from $2.20 to $1.20 and set a "neutral" rating for the company in a research note on Thursday, August 20th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $1.40 price target on shares of iQIYI in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $1.73.

iQIYI Stock Performance

The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.81. The company's fifty day moving average is $0.96 and its 200 day moving average is $1.22. The company has a market cap of $930.66 million, a P/E ratio of -8.04 and a beta of 0.14.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IQ. Jefferies Financial Group Inc. increased its position in shares of iQIYI by 600.0% during the third quarter. Jefferies Financial Group Inc. now owns 1,268,765 shares of the company's stock valued at $1,269,000 after buying an additional 1,087,513 shares during the period. Triata Capital Ltd bought a new stake in iQIYI during the 2nd quarter valued at approximately $1,152,419. Squarepoint Ops LLC boosted its position in iQIYI by 831.3% during the 2nd quarter. Squarepoint Ops LLC now owns 594,856 shares of the company's stock valued at $619,000 after acquiring an additional 530,983 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of iQIYI during the 2nd quarter worth approximately $580,000. Finally, Bank of New York Mellon Corp grew its holdings 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 worth $721,000 after acquiring an additional 22,662 shares during the period. Hedge funds and other institutional investors own 52.69% of the company's stock.

About iQIYI

iQIYI, Inc. is a Chinese online entertainment company that operates a video-streaming platform. Its service offers films, television dramas, variety shows, animation and other video content, including programs produced or commissioned by the company. The company generates business through services such as paid memberships, advertising and content distribution. Its platform is available through its website and mobile and connected-device applications, and iQIYI also offers an international service to viewers in selected markets outside China.

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