iQIYI (NASDAQ:IQ) Trading Up 10.2% – Here’s Why

iQIYI, Inc. (NASDAQ:IQ)’s share price was up 10.2% during trading on Monday . The company traded as high as $2.81 and last traded at $2.81. Approximately 7,100,855 shares changed hands during trading, a decline of 38% from the average daily volume of 11,432,038 shares. The stock had previously closed at $2.55.

Analyst Ratings Changes

A number of analysts recently commented on IQ shares. JPMorgan Chase & Co. dropped their price target on iQIYI from $5.00 to $3.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Nomura Securities upgraded iQIYI to a “hold” rating in a research note on Monday, August 26th. Benchmark lowered iQIYI from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. The Goldman Sachs Group downgraded shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective on the stock. in a report on Tuesday, August 27th. Finally, Hsbc Global Res downgraded shares of iQIYI from a “hold” rating to a “moderate sell” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $3.45.

iQIYI Stock Performance

The company has a 50-day moving average of $2.43 and a 200 day moving average of $3.50. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $2.61 billion, a PE ratio of 9.71, a PEG ratio of 0.68 and a beta of 0.07.

iQIYI (NASDAQ:IQ) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). iQIYI had a return on equity of 14.57% and a net margin of 5.37%. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the company posted $0.05 earnings per share. Equities research analysts predict that iQIYI, Inc. will post 0.16 EPS for the current year.

Institutional Investors Weigh In On iQIYI

Several institutional investors have recently bought and sold shares of IQ. Genesis Investment Management LLP boosted its holdings in iQIYI by 112.1% during the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock valued at $47,425,000 after acquiring an additional 8,765,711 shares during the period. Quarry LP bought a new position in iQIYI during the 2nd quarter valued at approximately $18,075,000. Maple Rock Capital Partners Inc. raised its position in iQIYI by 65.4% during the 1st quarter. Maple Rock Capital Partners Inc. now owns 10,320,000 shares of the company’s stock valued at $43,654,000 after purchasing an additional 4,080,000 shares during the last quarter. Federated Hermes Inc. raised its position in iQIYI by 18.9% during the 2nd quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock valued at $58,929,000 after purchasing an additional 2,549,287 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in iQIYI by 185.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock valued at $7,803,000 after purchasing an additional 1,381,265 shares during the last quarter. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

About iQIYI

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.