iQIYI (NASDAQ:IQ) Stock Falls 4.5% – Here’s Why

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ) dropped 4.5% on Monday. The stock traded as low as $0.9144 and last traded at $0.9170. 1,533,343 shares changed hands during trading, a decline of 82% from the average session volume of 8,367,850 shares. The stock had previously closed at $0.9599.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on IQ shares. JPMorgan Chase & Co. reduced their target price on iQIYI from $2.20 to $1.20 and set a “neutral” rating for the company 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 restated a “neutral” rating and set a $1.40 price objective on shares of iQIYI in a report on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of iQIYI in a research note on Monday, September 21st. Finally, Zacks Research raised shares of iQIYI from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. One research 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.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $1.73.

iQIYI Stock Down 5.2%

The company has a market cap of $878.07 million, a P/E ratio of -7.58 and a beta of 0.14. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.45 and a quick ratio of 0.45. The stock has a fifty day moving average price of $0.96 and a two-hundred day moving average price of $1.24.

Hedge Funds Weigh In On iQIYI

A number of hedge funds have recently bought and sold shares of the company. Aberdeen Group plc bought a new stake in shares of iQIYI in the 3rd quarter worth $278,000. Jefferies Financial Group Inc. lifted its position in shares of iQIYI by 600.0% during the third quarter. Jefferies Financial Group Inc. now owns 1,268,765 shares of the company’s stock valued at $1,269,000 after purchasing an additional 1,087,513 shares in the last quarter. Tidal Investments LLC purchased a new position in iQIYI during the second quarter worth about $58,000. Squarepoint Ops LLC grew 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 purchasing an additional 530,983 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in iQIYI in the 2nd quarter valued at about $580,000. 52.69% of the stock is owned by hedge funds and other institutional investors.

iQIYI Company Profile

iQIYI, Inc is a Chinese online entertainment company that operates the iQIYI streaming platform. The company provides internet video services, including professionally produced television dramas, films, variety shows, documentaries, anime and other entertainment programming. Its content is available through websites and mobile applications, with offerings supported by subscription memberships, advertising and other content-related services.

iQIYI develops and licenses content, including original productions created through its in-house studios and programming obtained from external producers and rights holders.