iQIYI (NASDAQ:IQ) Stock Falls 4.5% – Here’s What Happened

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s share price was down 4.5% during trading on Monday. The stock traded as low as $0.9144 and last traded at $0.9170. Approximately 1,533,343 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 8,367,850 shares. The stock had previously closed at $0.9599.

Wall Street Analyst Weigh In

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

iQIYI Stock Performance

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 50-day simple moving average of $0.95 and a 200 day simple moving average of $1.22. The company has a market cap of $851.25 million, a price-to-earnings ratio of -7.35 and a beta of 0.14.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Jefferies Financial Group Inc. increased its stake in iQIYI by 600.0% in the third quarter. Jefferies Financial Group Inc. now owns 1,268,765 shares of the company’s stock valued at $1,269,000 after purchasing an additional 1,087,513 shares during the period. Triata Capital Ltd acquired a new stake in shares of iQIYI during the second quarter worth about $1,152,419. Bank of New York Mellon Corp grew 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 worth $721,000 after buying an additional 22,662 shares during the last quarter. Squarepoint Ops LLC grew its holdings 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 buying an additional 530,983 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of iQIYI during the second quarter worth about $580,000. 52.69% of the stock is owned by hedge funds and other institutional investors.

About iQIYI

iQIYI, Inc. is a Chinese online entertainment company that operates a video-streaming platform. Its service offers films, television dramas, variety shows, animation and other video content, including programs produced or commissioned by the company. The company generates business through services such as paid memberships, advertising and content distribution. Its platform is available through its website and mobile and connected-device applications, and iQIYI also offers an international service to viewers in selected markets outside China.