iQIYI (NASDAQ:IQ) Shares Gap Down – Should You Sell?

Shares of iQIYI, Inc. (NASDAQ:IQ) gapped down before the market opened on Wednesday . The stock had previously closed at $2.35, but opened at $2.30. iQIYI shares last traded at $2.26, with a volume of 948,497 shares traded.

Analyst Ratings Changes

A number of brokerages have recently commented on IQ. Nomura Securities raised iQIYI to a “hold” rating in a report on Monday, August 26th. The Goldman Sachs Group lowered shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target for the company. in a research note on Tuesday, August 27th. Benchmark reiterated a “hold” rating on shares of iQIYI in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. cut their target price on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.15.

iQIYI Trading Down 1.7 %

The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.65. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 11.75, a P/E/G ratio of 0.56 and a beta of 0.02. The company has a fifty day simple moving average of $2.42 and a 200-day simple moving average of $2.96.

Hedge Funds Weigh In On iQIYI

Several institutional investors and hedge funds have recently added to or reduced their stakes in IQ. California State Teachers Retirement System increased its holdings in shares of iQIYI by 2.4% in the 1st quarter. California State Teachers Retirement System now owns 127,426 shares of the company’s stock valued at $539,000 after purchasing an additional 2,950 shares during the period. Bank of New York Mellon Corp lifted its position in iQIYI by 15.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 834,542 shares of the company’s stock worth $3,063,000 after buying an additional 109,128 shares in the last quarter. AustralianSuper Pty Ltd acquired a new stake in shares of iQIYI during the 2nd quarter valued at $245,000. Principal Financial Group Inc. acquired a new stake in shares of iQIYI during the 2nd quarter valued at $133,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of iQIYI by 59.9% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company’s stock valued at $81,000 after acquiring an additional 8,225 shares in 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.