iQIYI (NASDAQ:IQ) Downgraded to Strong Sell Rating by Zacks Research

iQIYI (NASDAQ:IQ) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

IQ has been the subject of several other reports. Jefferies Financial Group restated a “buy” rating and issued a $2.22 target price on shares of iQIYI in a report on Thursday, February 26th. Weiss Ratings reissued a “sell (d)” rating on shares of iQIYI in a research report on Friday, March 27th. Wall Street Zen lowered shares of iQIYI from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Finally, Benchmark reaffirmed a “hold” rating on shares of iQIYI in a research note on Tuesday, May 19th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $2.55.

iQIYI Price Performance

NASDAQ:IQ opened at $1.08 on Wednesday. iQIYI has a one year low of $1.03 and a one year high of $2.84. The stock has a market cap of $1.04 billion, a PE ratio of -10.80 and a beta of 0.19. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.45 and a current ratio of 0.45. The stock has a 50 day moving average price of $1.22 and a 200 day moving average price of $1.64.

Institutional Trading of iQIYI

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Parallel Advisors LLC raised its holdings in iQIYI by 20.8% in the 4th quarter. Parallel Advisors LLC now owns 29,472 shares of the company’s stock valued at $57,000 after buying an additional 5,077 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of iQIYI by 2.5% during the first quarter. Public Employees Retirement System of Ohio now owns 366,300 shares of the company’s stock valued at $495,000 after acquiring an additional 8,900 shares during the last quarter. Bank of New York Mellon Corp increased its position 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 valued at $721,000 after acquiring an additional 22,662 shares during the last quarter. Catalyst Funds Management Pty Ltd purchased a new stake in shares of iQIYI in the 4th quarter valued at approximately $1,205,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of iQIYI by 393.4% in the 1st 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 period. 52.69% of the stock is owned by institutional investors and hedge funds.

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.