Shares of iQIYI, Inc. (NASDAQ:IQ – Get Free Report) dropped 3.8% during mid-day trading on Monday . The stock traded as low as $2.53 and last traded at $2.56. Approximately 6,782,264 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 11,300,407 shares. The stock had previously closed at $2.66.
Wall Street Analysts Forecast Growth
IQ has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of iQIYI from $5.00 to $3.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. The Goldman Sachs Group cut shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective on the stock. in a research report on Tuesday, August 27th. Hsbc Global Res cut shares of iQIYI from a “hold” rating to a “moderate sell” rating in a research report on Tuesday, July 23rd. Nomura Securities raised shares of iQIYI to a “hold” rating in a research report on Monday, August 26th. Finally, Benchmark cut shares of iQIYI from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Based on data from MarketBeat, iQIYI currently has an average rating of “Hold” and an average target price of $3.45.
iQIYI Stock Performance
The stock has a market capitalization of $2.43 billion, a P/E ratio of 9.32, a PEG ratio of 0.70 and a beta of 0.07. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.53 and a current ratio of 0.53. The company’s fifty day simple moving average is $2.58 and its two-hundred day simple moving average is $3.66.
iQIYI (NASDAQ:IQ – Get Free Report) last released its quarterly earnings results 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 company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.02 billion. iQIYI had a net margin of 5.37% and a return on equity of 14.57%. During the same period in the prior year, the company earned $0.05 earnings per share. As a group, equities analysts forecast that iQIYI, Inc. will post 0.16 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in IQ. Vanguard Group Inc. increased its stake in iQIYI by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 17,756,701 shares of the company’s stock valued at $86,653,000 after acquiring an additional 170,227 shares during the last quarter. Nomura Holdings Inc. boosted its position in iQIYI by 67.7% in the fourth quarter. Nomura Holdings Inc. now owns 210,773 shares of the company’s stock valued at $1,029,000 after buying an additional 85,052 shares in the last quarter. Ballentine Partners LLC boosted its position in iQIYI by 65.0% in the first quarter. Ballentine Partners LLC now owns 18,317 shares of the company’s stock valued at $77,000 after buying an additional 7,219 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in iQIYI by 116.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 209,873 shares of the company’s stock valued at $888,000 after buying an additional 112,748 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in iQIYI by 3.4% in the first quarter. BNP Paribas Financial Markets now owns 910,057 shares of the company’s stock valued at $3,850,000 after buying an additional 30,044 shares in the last quarter. 52.69% of the stock is owned by 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.