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

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

Wall Street Analyst Weigh In

IQ has been the subject of a number of analyst reports. The Goldman Sachs Group lowered iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective for the company. in a research report on Tuesday, August 27th. Nomura Securities raised iQIYI to a “hold” rating in a research report on Monday, August 26th. JPMorgan Chase & Co. reduced their price objective on iQIYI from $5.00 to $3.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Hsbc Global Res lowered iQIYI from a “hold” rating to a “moderate sell” rating in a research report on Tuesday, July 23rd. Finally, Benchmark lowered iQIYI from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. One 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 currently has an average rating of “Hold” and a consensus price target of $3.45.

iQIYI Trading Down 2.9 %

The firm has a 50 day simple moving average of $2.43 and a 200 day simple moving average of $3.50. The company has a current ratio of 0.53, a quick 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 P/E/G ratio of 0.68 and a beta of 0.07.

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

Hedge Funds Weigh In On iQIYI

Institutional investors and hedge funds have recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of iQIYI during the 2nd quarter valued at about $31,000. Ground Swell Capital LLC purchased a new stake in shares of iQIYI during the 3rd quarter valued at about $32,000. Seven Eight Capital LP purchased a new stake in shares of iQIYI during the 2nd quarter valued at about $42,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of iQIYI during the 2nd quarter valued at about $46,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position 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 purchasing an additional 8,225 shares during the last quarter. 52.69% of the stock is currently 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.