iQIYI (NASDAQ:IQ) Stock Jumps 9.1% - Here's What Happened

Key Points

• iQIYI shares jumped 9.1% in Monday trading to about $0.90, though trading volume was 74% below the stock’s average daily volume.
• Analyst sentiment remains cautious: iQIYI has an average rating of “Hold”, with one Buy, four Hold and one Sell rating, and an average price target of $1.73. JPMorgan recently cut its target from $2.20 to $1.20.
• Institutional ownership stands at 52.69%, with several investors adding or initiating positions during the second quarter, including Squarepoint Ops, which increased its holdings by more than 831%.

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Get Free Report)'s stock price rose 9.1% during trading on Monday. The company traded as high as $0.8798 and last traded at $0.9010. Approximately 2,196,780 shares changed hands during trading, a decline of 74% from the average daily volume of 8,414,919 shares. The stock had previously closed at $0.8257.

Wall Street Analysts Forecast Growth

Several analysts have commented on IQ shares. JPMorgan Chase & Co. lowered their price objective on shares of iQIYI from $2.20 to $1.20 and set a "neutral" rating for the company in a report on Thursday, August 20th. Zacks Research raised shares of iQIYI from a "strong sell" rating to a "hold" rating in a research report on Monday, July 20th. Weiss Ratings restated a "sell (d)" rating on shares of iQIYI in a research note on Monday, September 21st. The Goldman Sachs Group restated a "neutral" rating and set a $1.40 price target on shares of iQIYI in a research note on Thursday, August 20th. Finally, Wall Street Zen upgraded iQIYI from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 22nd. One research analyst has 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. Based on data from MarketBeat.com, iQIYI presently has an average rating of "Hold" and an average target price of $1.73.

iQIYI Stock Up 4.2%

The company has a market cap of $829.82 million, a P/E ratio of -7.17 and a beta of 0.13. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.45 and a current ratio of 0.45. The business's fifty day moving average is $0.97 and its two-hundred day moving average is $1.26.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IQ. Triata Capital Ltd purchased a new position in shares of iQIYI during the second quarter valued at $1,152,419. Squarepoint Ops LLC grew its holdings in iQIYI by 831.3% during the 2nd quarter. Squarepoint Ops LLC now owns 594,856 shares of the company's stock worth $619,000 after acquiring an additional 530,983 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in iQIYI during the 2nd quarter valued at about $580,000. Bank of New York Mellon Corp increased its position in 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 purchasing an additional 22,662 shares during the period. Finally, Tidal Investments LLC bought a new stake in shares of iQIYI in the 2nd quarter valued at about $58,000. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

About iQIYI

iQIYI, Inc is a Chinese online entertainment company that operates the iQIYI streaming platform. The company provides internet video services, including professionally produced television dramas, films, variety shows, documentaries, anime and other entertainment programming. Its content is available through websites and mobile applications, with offerings supported by subscription memberships, advertising and other content-related services.

iQIYI develops and licenses content, including original productions created through its in-house studios and programming obtained from external producers and rights holders.

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