iQIYI (NASDAQ:IQ) Shares Gap Down – What’s Next?

Shares of iQIYI, Inc. Sponsored ADR (NASDAQ:IQ) gapped down before the market opened on Wednesday . The stock had previously closed at $1.23, but opened at $1.19. iQIYI shares last traded at $1.1150, with a volume of 3,093,447 shares traded.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group reiterated a “neutral” rating and issued a $1.40 price objective on shares of iQIYI in a report on Thursday. Wall Street Zen cut iQIYI from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Zacks Research upgraded iQIYI from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. JPMorgan Chase & Co. decreased their price target on iQIYI from $2.20 to $1.20 and set a “neutral” rating for the company in a research note on Thursday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of iQIYI in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $1.73.

iQIYI Stock Performance

The company’s 50-day moving average price is $1.16 and its two-hundred day moving average price is $1.30. The company has a market cap of $993.86 million, a P/E ratio of -8.58 and a beta of 0.19. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.79.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IQ. Public Employees Retirement System of Ohio bought a new stake in shares of iQIYI during the 2nd quarter worth $580,000. Triata Capital Ltd acquired a new stake in shares of iQIYI during the second quarter worth $1,152,419,000. Bank of New York Mellon Corp raised its position in shares of iQIYI by 4.4% during the first quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock worth $721,000 after purchasing an additional 22,662 shares during the period. Marshall Wace LLP lifted its holdings in shares of iQIYI by 1,423.3% during the fourth quarter. Marshall Wace LLP now owns 2,811,044 shares of the company’s stock valued at $5,397,000 after purchasing an additional 2,626,502 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of iQIYI during the fourth quarter valued at $8,488,000. Institutional investors own 52.69% of the company’s stock.

iQIYI Company Profile

iQIYI, Inc is a leading online entertainment service provider headquartered in Beijing, China, offering a comprehensive portfolio of streaming video content across multiple genres. The company operates a subscription-based video-on-demand (SVOD) platform, complemented by advertising-supported content (AVOD) and pay-per-view offerings. Its digital library encompasses original series, feature films, variety shows, animation and documentaries, catering to diverse demographic segments and viewer preferences.

Originally launched by Baidu in 2010 as an online video site, iQIYI was formally rebranded in early 2012 and has since expanded its footprint beyond China’s domestic market.