iQIYI (NASDAQ:IQ) Shares Down 5.9% – Here’s Why

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s stock price fell 5.9% during trading on Friday . The company traded as low as $1.05 and last traded at $1.0350. Approximately 1,257,608 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 8,780,813 shares. The stock had previously closed at $1.10.

Analysts Set New Price Targets

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

iQIYI Price Performance

The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.81. The stock has a fifty day simple moving average of $1.13 and a two-hundred day simple moving average of $1.17. The company has a market cap of $979.38 million, a PE ratio of -8.46 and a beta of 0.19.

Hedge Funds Weigh In On iQIYI

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC purchased a new stake in shares of iQIYI during the 2nd quarter worth approximately $58,000. Squarepoint Ops LLC increased its position in iQIYI by 831.3% during the second quarter. Squarepoint Ops LLC now owns 594,856 shares of the company’s stock worth $619,000 after buying an additional 530,983 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of iQIYI in the second quarter worth $580,000. Triata Capital Ltd purchased a new stake in shares of iQIYI in the second quarter valued at $1,152,419. Finally, Bank of New York Mellon Corp boosted its stake 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 valued at $721,000 after acquiring an additional 22,662 shares during the last quarter. 52.69% of the stock is owned by institutional investors and hedge funds.

About iQIYI

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.