iQIYI (NASDAQ:IQ) Stock Price Down 5.9% - What's Next?

Key Points

• iQIYI shares fell 5.9% to about $1.04 in Friday trading, with volume sharply below the stock’s average daily level.
• Analyst sentiment remains cautious: the consensus rating is “Hold”, with one Buy, four Holds and one Sell; JPMorgan cut its price target from $2.20 to $1.20.
• The company has a market capitalization of roughly $979 million, while institutional investors and hedge funds own 52.69% of its shares.

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Get Free Report) traded down 5.9% during trading on Friday . The stock traded as low as $1.05 and last traded at $1.0350. 1,257,608 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 8,780,813 shares. The stock had previously closed at $1.10.

Analysts Set New Price Targets

IQ has been the topic of several recent research reports. Wall Street Zen raised shares of iQIYI from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 22nd. Benchmark reiterated a "hold" rating on shares of iQIYI in a research note on Wednesday, August 19th. JPMorgan Chase & Co. decreased their target price on 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 iQIYI from a "strong sell" rating to a "hold" rating in a research note on Monday, July 20th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of iQIYI in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $1.73.

iQIYI Price Performance

The stock has a market capitalization of $979.38 million, a price-to-earnings ratio of -8.46 and a beta of 0.19. 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 50 day moving average is $1.13 and its 200 day moving average is $1.17.

Institutional Trading of iQIYI

A number of large investors have recently made changes to their positions in the company. Triata Capital Ltd acquired a new stake in shares of iQIYI in the second quarter valued at approximately $1,152,419. Catalyst Funds Management Pty Ltd acquired a new position in shares of iQIYI in the 4th quarter valued at $1,205,000. Squarepoint Ops LLC raised its position in iQIYI by 831.3% in the 2nd quarter. Squarepoint Ops LLC now owns 594,856 shares of the company's stock valued at $619,000 after purchasing an additional 530,983 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in iQIYI in the 2nd quarter valued at $580,000. Finally, Bank of New York Mellon Corp boosted its stake 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 worth $721,000 after purchasing an additional 22,662 shares during the period. 52.69% of the stock is owned by institutional investors and hedge funds.

iQIYI Company Profile

iQIYI, Inc is a China-based online entertainment company that operates a streaming video platform through its website and mobile applications. The company offers professionally produced and user-generated video content, including television dramas, films, variety programs, anime, sports and other entertainment programming.

iQIYI develops and distributes original programming while also licensing content from third-party producers and studios. Its services include advertising-supported viewing, subscription-based membership offerings and premium content features.

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