iQIYI (NASDAQ:IQ) Stock Price Up 9.1% – What’s Next?

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s share price shot up 9.1% on Monday. The company traded as high as $0.8798 and last traded at $0.9010. Approximately 2,196,780 shares traded hands during trading, a decline of 74% from the average daily volume of 8,414,919 shares. The stock had previously closed at $0.8257.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on IQ shares. Wall Street Zen upgraded iQIYI from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. Zacks Research upgraded iQIYI from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Benchmark reaffirmed a “hold” rating on shares of iQIYI in a research report on Wednesday, August 19th. JPMorgan Chase & Co. cut their target price on iQIYI from $2.20 to $1.20 and set a “neutral” rating on the stock in a research note on Thursday, August 20th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of iQIYI in a report on Monday, September 21st. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $1.73.

iQIYI Stock Performance

The business has a 50-day moving average price of $0.97 and a 200-day moving average price of $1.26. 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 firm has a market capitalization of $829.82 million, a price-to-earnings ratio of -7.17 and a beta of 0.13.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IQ. Triata Capital Ltd acquired a new stake in iQIYI in the second quarter worth about $1,152,419. Squarepoint Ops LLC grew its stake in shares of 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 acquiring an additional 530,983 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of iQIYI during the second quarter worth about $580,000. Tidal Investments LLC acquired a new position in shares of iQIYI during the second quarter valued at about $58,000. Finally, Bank of New York Mellon Corp increased its holdings 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 in the last quarter. 52.69% of the stock is owned by institutional investors and hedge funds.

About iQIYI

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.