iQIYI (NASDAQ:IQ) Trading 7% Higher – Here’s What Happened

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ) shares shot up 7% during trading on Wednesday . The company traded as high as $2.10 and last traded at $2.0550. 7,304,400 shares were traded during mid-day trading, a decline of 30% from the average session volume of 10,507,329 shares. The stock had previously closed at $1.92.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d)” rating on shares of iQIYI in a research note on Monday, December 29th. Morgan Stanley set a $2.10 target price on shares of iQIYI in a research note on Wednesday, November 19th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.64.

iQIYI Trading Up 4.7%

The firm’s 50-day simple moving average is $2.03 and its 200 day simple moving average is $2.17. The stock has a market cap of $1.94 billion, a P/E ratio of -33.50 and a beta of 0.03. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.75.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IQ. SBI Securities Co. Ltd. increased its position in iQIYI by 199.7% in the 2nd quarter. SBI Securities Co. Ltd. now owns 45,021 shares of the company’s stock worth $80,000 after purchasing an additional 29,999 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of iQIYI by 48.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 425,400 shares of the company’s stock valued at $753,000 after buying an additional 138,300 shares in the last quarter. SG Americas Securities LLC raised its position in iQIYI by 33.0% during the second quarter. SG Americas Securities LLC now owns 1,571,432 shares of the company’s stock valued at $2,781,000 after acquiring an additional 390,088 shares in the last quarter. Finally, 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 valued at $4,864,000 after acquiring an additional 1,716,011 shares during the last quarter. Institutional investors own 52.69% of the company’s stock.

iQIYI Company Profile

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.