iQIYI (NASDAQ:IQ) Reaches New 52-Week Low – Here’s What Happened

iQIYI, Inc. (NASDAQ:IQ) shares reached a new 52-week low during trading on Friday . The stock traded as low as $1.88 and last traded at $1.89, with a volume of 11823122 shares. The stock had previously closed at $2.02.

Wall Street Analyst Weigh In

IQ has been the topic of a number of analyst reports. Benchmark reissued a “hold” rating on shares of iQIYI in a report on Friday, November 22nd. JPMorgan Chase & Co. dropped their price objective on iQIYI from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Friday, November 22nd. Finally, OTR Global reaffirmed a “negative” rating on shares of iQIYI in a report on Wednesday. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $3.15.

iQIYI Trading Down 6.4 %

The stock’s 50 day simple moving average is $2.17 and its 200 day simple moving average is $2.64. The firm has a market cap of $1.81 billion, a PE ratio of 9.45, a PEG ratio of 0.58 and a beta of 0.02. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45.

Hedge Funds Weigh In On iQIYI

Hedge funds and other institutional investors have recently modified their holdings of the company. Genesis Investment Management LLP grew its holdings in shares of iQIYI by 112.1% during the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock valued at $47,425,000 after purchasing an additional 8,765,711 shares during the last quarter. Quarry LP bought a new position in shares of iQIYI during the second quarter valued at about $18,075,000. Federated Hermes Inc. grew its stake in shares of iQIYI by 18.9% during the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock valued at $58,929,000 after buying an additional 2,549,287 shares during the last quarter. Monolith Management Ltd purchased a new position in shares of iQIYI in the third quarter worth about $4,576,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of iQIYI by 185.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock valued at $7,803,000 after acquiring an additional 1,381,265 shares during the last quarter. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

About iQIYI

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.