iQIYI (NASDAQ:IQ) Trading Up 5.5% – Here’s What Happened

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ) traded up 5.5% on Wednesday . The stock traded as high as $1.06 and last traded at $1.0550. 4,961,543 shares were traded during mid-day trading, a decline of 43% from the average session volume of 8,681,989 shares. The stock had previously closed at $1.00.

Analysts Set New Price Targets

IQ has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on iQIYI from $2.20 to $1.20 and set a “neutral” rating on the stock in a research note on Thursday, August 20th. Benchmark restated a “hold” rating on shares of iQIYI in a research note on Wednesday, August 19th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $1.40 target price on shares of iQIYI in a report on Thursday, August 20th. Wall Street Zen raised shares of iQIYI from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of iQIYI in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $1.73.

iQIYI Stock Up 6.5%

The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.81. The company has a market cap of $1.03 billion, a PE ratio of -8.88 and a beta of 0.19. The stock has a 50-day moving average of $1.13 and a 200-day moving average of $1.18.

Hedge Funds Weigh In On iQIYI

A number of institutional investors have recently added to or reduced their stakes in IQ. Public Employees Retirement System of Ohio lifted its holdings in shares of iQIYI by 2.5% during the first quarter. Public Employees Retirement System of Ohio now owns 366,300 shares of the company’s stock valued at $495,000 after purchasing an additional 8,900 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in iQIYI by 4.4% in the 1st quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock worth $721,000 after buying an additional 22,662 shares in the last quarter. Tidal Investments LLC bought a new stake in iQIYI in the 2nd quarter worth about $58,000. Squarepoint Ops LLC raised its position in iQIYI by 831.3% in the 2nd quarter. Squarepoint Ops LLC now owns 594,856 shares of the company’s stock worth $619,000 after buying an additional 530,983 shares during the last quarter. Finally, Catalyst Funds Management Pty Ltd purchased a new position in iQIYI in the 4th quarter worth about $1,205,000. 52.69% of the stock is currently owned by institutional investors.

iQIYI Company Profile

iQIYI, Inc is a China-based online entertainment company that operates a streaming video platform through its website and mobile applications. The company offers professionally produced and user-generated video content, including television dramas, films, variety programs, anime, sports and other entertainment programming.

iQIYI develops and distributes original programming while also licensing content from third-party producers and studios. Its services include advertising-supported viewing, subscription-based membership offerings and premium content features.