IQIYI (IQ) Shares Gap Down to $24.81
IQIYI Inc (NASDAQ:IQ) shares gapped down before the market opened on Thursday . The stock had previously closed at $25.33, but opened at $24.81. IQIYI shares last traded at $24.46, with a volume of 10072796 shares changing hands.
IQ has been the subject of several recent research reports. Credit Suisse Group cut IQIYI from an “outperform” rating to a “neutral” rating in a research report on Wednesday, August 1st. Bank of America raised their price objective on IQIYI from $35.50 to $41.00 and gave the company a “neutral” rating in a report on Wednesday, August 1st. CLSA started coverage on IQIYI in a report on Tuesday, September 4th. They issued a “buy” rating on the stock. Jefferies Financial Group started coverage on IQIYI in a report on Monday, October 8th. They issued a “buy” rating and a $33.00 price objective on the stock. Finally, Goldman Sachs Group lowered IQIYI from a “buy” rating to a “neutral” rating and set a $23.00 price objective on the stock. in a report on Thursday, August 2nd. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. IQIYI currently has a consensus rating of “Hold” and an average price target of $30.60.
The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31.
Large investors have recently modified their holdings of the company. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IQIYI in the first quarter worth approximately $44,287,000. Millennium Management LLC acquired a new stake in shares of IQIYI in the first quarter worth approximately $14,850,000. Bank of Montreal Can boosted its stake in shares of IQIYI by 538.3% in the third quarter. Bank of Montreal Can now owns 967,735 shares of the company’s stock worth $26,196,000 after acquiring an additional 816,118 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of IQIYI in the first quarter worth approximately $11,663,000. Finally, Legal & General Group Plc acquired a new stake in shares of IQIYI in the first quarter worth approximately $7,005,000. 5.56% of the stock is currently owned by hedge funds and other institutional investors.
IQIYI Company Profile (NASDAQ:IQ)
iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand name in China. It operates a platform that provides a collection of Internet video content, including professionally-produced content licensed from professional content providers and self-produced content.
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