iQIYI (NASDAQ:IQ) Shares Gap Down – Here’s What Happened

iQIYI, Inc. (NASDAQ:IQ) gapped down prior to trading on Monday . The stock had previously closed at $2.42, but opened at $2.36. iQIYI shares last traded at $2.38, with a volume of 991,637 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IQ. Benchmark lowered iQIYI from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Hsbc Global Res downgraded shares of iQIYI from a “hold” rating to a “moderate sell” rating in a report on Tuesday, July 23rd. Nomura Securities upgraded shares of iQIYI to a “hold” rating in a report on Monday, August 26th. The Goldman Sachs Group cut shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price on the stock. in a research note on Tuesday, August 27th. Finally, HSBC lowered iQIYI from a “hold” rating to a “reduce” rating and decreased their price objective for the stock from $4.70 to $3.00 in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to data from MarketBeat, iQIYI presently has an average rating of “Hold” and a consensus target price of $3.45.

iQIYI Price Performance

The stock has a market capitalization of $2.48 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 0.70 and a beta of 0.07. The business’s 50-day moving average price is $2.48 and its 200 day moving average price is $3.56. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.53 and a current ratio of 0.53.

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

Institutional Trading of iQIYI

Several hedge funds have recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of iQIYI in the second quarter valued at about $31,000. Seven Eight Capital LP purchased a new position in shares of iQIYI during the second quarter valued at about $42,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of iQIYI during the second quarter valued at about $46,000. Ballentine Partners LLC raised its stake in iQIYI by 65.0% in the first quarter. Ballentine Partners LLC now owns 18,317 shares of the company’s stock worth $77,000 after buying an additional 7,219 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in iQIYI by 59.9% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company’s stock worth $81,000 after buying an additional 8,225 shares during the period. 52.69% of the stock is owned by 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.