iQIYI (NASDAQ:IQ) Shares Gap Up – Time to Buy?

iQIYI, Inc. (NASDAQ:IQ)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $1.99, but opened at $2.07. iQIYI shares last traded at $2.16, with a volume of 2,439,146 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Benchmark reissued a “hold” rating on shares of iQIYI in a research note on Friday, November 22nd. Nomura Securities upgraded iQIYI to a “hold” rating in a research report on Monday, August 26th. The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price for the company. in a report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. cut their price target on shares of iQIYI from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.15.

iQIYI Price Performance

The stock has a market cap of $2.08 billion, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 0.56 and a beta of 0.08. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45. The firm has a 50-day moving average price of $2.47 and a 200-day moving average price of $3.16.

Institutional Trading of iQIYI

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of iQIYI in the 2nd quarter worth approximately $31,000. Ground Swell Capital LLC purchased a new position in iQIYI during the third quarter valued at $32,000. Flow Traders U.S. LLC bought a new stake in iQIYI in the third quarter worth $32,000. Seven Eight Capital LP purchased a new stake in shares of iQIYI in the second quarter worth $42,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in shares of iQIYI during the second quarter valued at $46,000. 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.