iQIYI (NASDAQ:IQ) Hits New 52-Week Low – Here’s Why

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $1.03 and last traded at $1.0450, with a volume of 2100813 shares traded. The stock had previously closed at $1.05.

Analysts Set New Price Targets

IQ has been the topic of a number of research reports. Zacks Research cut iQIYI from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Benchmark reaffirmed a “hold” rating on shares of iQIYI in a report on Tuesday, May 19th. Weiss Ratings reissued a “sell (d)” rating on shares of iQIYI in a research note on Friday, March 27th. Jefferies Financial Group reissued a “buy” rating and issued a $2.22 price target on shares of iQIYI in a research report on Thursday, February 26th. Finally, Wall Street Zen downgraded iQIYI from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.55.

iQIYI Trading Down 0.5%

The firm has a market cap of $1.01 billion, a P/E ratio of -10.45 and a beta of 0.19. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.79. The company’s fifty day moving average price is $1.21 and its two-hundred day moving average price is $1.62.

Hedge Funds Weigh In On iQIYI

Several institutional investors have recently bought and sold shares of IQ. Parallel Advisors LLC raised its holdings in shares of iQIYI by 20.8% in the fourth 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 last quarter. Public Employees Retirement System of Ohio increased its stake in shares of iQIYI by 1.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 432,300 shares of the company’s stock valued at $1,107,000 after buying an additional 6,900 shares during the period. Bank of New York Mellon Corp lifted its stake 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 period. Catalyst Funds Management Pty Ltd acquired a new stake in iQIYI in the fourth quarter worth about $1,205,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in iQIYI by 393.4% during 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 purchasing an additional 1,716,011 shares during the period. 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.