iQIYI (NASDAQ:IQ) Trading 10.2% Higher – Here’s Why

Shares of iQIYI, Inc. (NASDAQ:IQ) traded up 10.2% on Monday . The stock traded as high as $2.81 and last traded at $2.81. 7,100,855 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 11,432,038 shares. The stock had previously closed at $2.55.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Nomura Securities raised shares of iQIYI to a “hold” rating in a report on Monday, August 26th. Benchmark downgraded shares of iQIYI from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. HSBC downgraded shares of iQIYI from a “hold” rating to a “reduce” rating and cut their price target for the company from $4.70 to $3.00 in a report on Tuesday, July 23rd. JPMorgan Chase & Co. cut their price target on shares of iQIYI from $5.00 to $3.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group downgraded shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target for the company. in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.45.

iQIYI Stock Up 9.8 %

The business’s 50-day moving average price is $2.44 and its 200-day moving average price is $3.53. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $2.69 billion, a PE ratio of 9.89, a price-to-earnings-growth ratio of 0.68 and a beta of 0.07.

iQIYI (NASDAQ:IQ) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.02 billion. iQIYI had a return on equity of 14.57% and a net margin of 5.37%. During the same period last year, the company earned $0.05 earnings per share. As a group, equities research analysts predict that iQIYI, Inc. will post 0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On iQIYI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ acquired a new position in iQIYI during the second quarter valued at approximately $31,000. Seven Eight Capital LP acquired a new position in iQIYI during the second quarter valued at approximately $42,000. Vanguard Personalized Indexing Management LLC acquired a new position in iQIYI during the second quarter valued at approximately $46,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in iQIYI by 59.9% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company’s stock valued at $81,000 after purchasing an additional 8,225 shares during the last quarter. Finally, SIH Partners LLLP acquired a new position in iQIYI during the second quarter valued at approximately $117,000. Institutional investors own 52.69% of the company’s stock.

iQIYI Company Profile

iQIYI, Inc, together with its subsidiaries, provides online entertainment video services in the People's Republic of China. It offers various products and services, including online video, online games, online literature, animations, and other products. The company operates a platform that provides a collection of internet video content, such as professionally produced content licensed from professional content providers and self-produced content.