Krane Funds Advisors LLC Sells 12,581,208 Shares of iQIYI, Inc. (NASDAQ:IQ)

Krane Funds Advisors LLC trimmed its holdings in shares of iQIYI, Inc. (NASDAQ:IQ) by 99.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 34,190 shares of the company’s stock after selling 12,581,208 shares during the period. Krane Funds Advisors LLC’s holdings in iQIYI were worth $98,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of IQ. Genesis Investment Management LLP raised its stake in iQIYI by 112.1% during the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock worth $47,425,000 after buying an additional 8,765,711 shares during the period. Quarry LP bought a new position in shares of iQIYI in the 2nd quarter worth $18,075,000. Maple Rock Capital Partners Inc. increased its stake 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 in the last quarter. Federated Hermes Inc. raised its holdings in iQIYI by 18.9% during the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after buying an additional 2,549,287 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of iQIYI by 185.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock valued at $7,803,000 after buying an additional 1,381,265 shares in the last quarter. Institutional investors and hedge funds own 52.69% of the company’s stock.

iQIYI Price Performance

Shares of NASDAQ IQ opened at $2.36 on Friday. The company has a market capitalization of $2.26 billion, a PE ratio of 8.43, a PEG ratio of 0.70 and a beta of 0.07. 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 stock’s 50 day moving average price is $2.52 and its 200-day moving average price is $3.61. iQIYI, Inc. has a twelve month low of $1.92 and a twelve month high of $5.80.

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). The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.02 billion. iQIYI had a return on equity of 14.57% and a net margin of 5.37%. During the same period in the prior year, the firm posted $0.05 EPS. On average, equities analysts anticipate that iQIYI, Inc. will post 0.16 EPS for the current year.

Analysts Set New Price Targets

IQ has been the subject of several recent research reports. The Goldman Sachs Group downgraded shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price for the company. in a research report on Tuesday, August 27th. Hsbc Global Res downgraded iQIYI from a “hold” rating to a “moderate sell” rating in a research note on Tuesday, July 23rd. HSBC cut iQIYI from a “hold” rating to a “reduce” rating and cut their target price for the company from $4.70 to $3.00 in a research report on Tuesday, July 23rd. Nomura Securities raised iQIYI to a “hold” rating in a research report on Monday, August 26th. Finally, JPMorgan Chase & Co. dropped their price objective on iQIYI from $5.00 to $3.00 and set a “neutral” rating on the stock 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $3.45.

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.