iQIYI (NASDAQ:IQ) Shares Climb 9.1% – Here’s Why

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s stock price traded up 9.1% during mid-day trading on Monday. The stock traded as high as $0.8798 and last traded at $0.9010. 2,196,780 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 8,414,919 shares. The stock had previously closed at $0.8257.

Analyst Ratings Changes

A number of research firms have commented on IQ. Wall Street Zen raised shares of iQIYI from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Weiss Ratings reissued a “sell (d)” rating on shares of iQIYI in a report on Monday, September 21st. Zacks Research raised shares of iQIYI from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. JPMorgan Chase & Co. reduced their price target on iQIYI from $2.20 to $1.20 and set a “neutral” rating for the company in a research note on Thursday, August 20th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $1.40 price objective on shares of iQIYI in a research report on Thursday, August 20th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $1.73.

iQIYI Stock Performance

The company has a fifty day moving average of $0.96 and a two-hundred day moving average of $1.25. The company has a market cap of $886.27 million, a price-to-earnings ratio of -7.65 and a beta of 0.14. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.45 and a current ratio of 0.45.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Triata Capital Ltd bought a new position in shares of iQIYI during the 2nd quarter worth about $1,152,419. Public Employees Retirement System of Ohio bought a new position in iQIYI in the 2nd quarter valued at about $580,000. Squarepoint Ops LLC boosted its stake in iQIYI by 831.3% during the 2nd quarter. Squarepoint Ops LLC now owns 594,856 shares of the company’s stock valued at $619,000 after purchasing an additional 530,983 shares during the last quarter. Tidal Investments LLC acquired a new position in iQIYI during the 2nd quarter valued at about $58,000. Finally, Bank of New York Mellon Corp increased its holdings in iQIYI by 4.4% during the 1st quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock worth $721,000 after purchasing an additional 22,662 shares in the last quarter. Institutional investors own 52.69% of the company’s stock.

iQIYI Company Profile

iQIYI, Inc is a Chinese online entertainment company that operates the iQIYI streaming platform. The company provides internet video services, including professionally produced television dramas, films, variety shows, documentaries, anime and other entertainment programming. Its content is available through websites and mobile applications, with offerings supported by subscription memberships, advertising and other content-related services.

iQIYI develops and licenses content, including original productions created through its in-house studios and programming obtained from external producers and rights holders.