iQIYI (NASDAQ:IQ) Shares Gap Up – Time to Buy?

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $1.20, but opened at $1.30. iQIYI shares last traded at $1.3250, with a volume of 9,675,483 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on IQ shares. Zacks Research upgraded iQIYI from a “strong sell” rating to a “hold” rating in a report on Thursday, March 12th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of iQIYI in a research report on Friday. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $2.22 target price on shares of iQIYI in a research note on Thursday, February 26th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, iQIYI currently has a consensus rating of “Hold” and an average price target of $2.55.

iQIYI Price Performance

The firm has a market capitalization of $1.26 billion, a P/E ratio of -43.50 and a beta of 0.10. The stock’s 50 day simple moving average is $1.68 and its 200 day simple moving average is $2.02. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.47 and a current ratio of 0.47.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IQ. Marshall Wace LLP lifted its holdings in shares of iQIYI by 1,423.3% in the 4th quarter. Marshall Wace LLP now owns 2,811,044 shares of the company’s stock worth $5,397,000 after buying an additional 2,626,502 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of iQIYI during the fourth quarter valued at $8,488,000. Public Employees Retirement System of Ohio raised its holdings in shares of iQIYI by 1.6% in the third quarter. Public Employees Retirement System of Ohio now owns 432,300 shares of the company’s stock valued at $1,107,000 after acquiring an additional 6,900 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in iQIYI by 393.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,152,263 shares of the company’s stock worth $4,864,000 after acquiring an additional 1,716,011 shares during the period. Finally, Parallel Advisors LLC grew its holdings in iQIYI by 20.8% during the 4th quarter. Parallel Advisors LLC now owns 29,472 shares of the company’s stock worth $57,000 after acquiring an additional 5,077 shares in the last quarter. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

About iQIYI

iQIYI, Inc is a leading online entertainment service provider headquartered in Beijing, China, offering a comprehensive portfolio of streaming video content across multiple genres. The company operates a subscription-based video-on-demand (SVOD) platform, complemented by advertising-supported content (AVOD) and pay-per-view offerings. Its digital library encompasses original series, feature films, variety shows, animation and documentaries, catering to diverse demographic segments and viewer preferences.

Originally launched by Baidu in 2010 as an online video site, iQIYI was formally rebranded in early 2012 and has since expanded its footprint beyond China’s domestic market.