iQIYI (NASDAQ:IQ) Stock Price Down 4.5% – Time to Sell?

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s stock price dropped 4.5% during mid-day trading on Tuesday. The stock traded as low as $0.98 and last traded at $0.9840. Approximately 704,023 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 8,730,039 shares. The stock had previously closed at $1.03.

Analysts Set New Price Targets

A number of research firms have weighed in on IQ. Zacks Research raised iQIYI from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. The Goldman Sachs Group restated a “neutral” rating and set a $1.40 target price on shares of iQIYI in a research report on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of iQIYI in a research note on Monday, September 21st. Wall Street Zen upgraded iQIYI from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on iQIYI from $2.20 to $1.20 and set a “neutral” rating for the company in a research note on Thursday, August 20th. One 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 company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $1.73.

iQIYI Price Performance

The stock has a fifty day moving average of $1.11 and a two-hundred day moving average of $1.15. 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 market capitalization of $960.09 million, a price-to-earnings ratio of -8.29 and a beta of 0.19.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IQ. Triata Capital Ltd bought a new position in shares of iQIYI during the second quarter valued at about $1,152,419. Public Employees Retirement System of Ohio bought a new stake in shares of iQIYI in the second quarter worth about $580,000. Squarepoint Ops LLC increased its holdings in iQIYI by 831.3% during the 2nd quarter. Squarepoint Ops LLC now owns 594,856 shares of the company’s stock valued at $619,000 after purchasing an additional 530,983 shares during the period. Tidal Investments LLC bought a new position in iQIYI during the 2nd quarter valued at approximately $58,000. Finally, Bank of New York Mellon Corp raised 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 purchasing an additional 22,662 shares in the last quarter. Institutional investors and hedge funds own 52.69% of the company’s stock.

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.