iQIYI (NASDAQ:IQ) Sees Large Volume Increase

Shares of iQIYI, Inc. (NASDAQ:IQ) saw unusually-high trading volume on Tuesday . Approximately 5,076,103 shares traded hands during trading, a decline of 45% from the previous session’s volume of 9,224,665 shares.The stock last traded at $2.37 and had previously closed at $2.14.

Analysts Set New Price Targets

IQ has been the subject of several analyst reports. The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target for the company. in a report on Tuesday, August 27th. Hsbc Global Res downgraded iQIYI from a “hold” rating to a “moderate sell” rating in a report on Tuesday, July 23rd. HSBC downgraded iQIYI from a “hold” rating to a “reduce” rating and reduced their price target for the company from $4.70 to $3.00 in a report on Tuesday, July 23rd. Benchmark downgraded iQIYI from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Nomura Securities upgraded iQIYI to a “hold” rating in a report on Monday, August 26th. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.45.

iQIYI Price Performance

The firm has a fifty day moving average of $2.73 and a 200 day moving average of $3.78. The company has a market capitalization of $2.25 billion, a P/E ratio of 8.39, a P/E/G ratio of 0.46 and a beta of 0.05. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.67.

iQIYI (NASDAQ:IQ) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.02 billion. iQIYI had a net margin of 5.37% and a return on equity of 14.57%. During the same quarter in the prior year, the firm earned $0.05 earnings per share. On average, equities research analysts anticipate that iQIYI, Inc. will post 0.16 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of iQIYI during the 2nd quarter valued at about $31,000. Seven Eight Capital LP purchased a new position in shares of iQIYI during the 2nd quarter valued at about $42,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of iQIYI during the 2nd quarter valued at about $46,000. Ballentine Partners LLC lifted its position in shares of iQIYI by 65.0% during the 1st quarter. Ballentine Partners LLC now owns 18,317 shares of the company’s stock valued at $77,000 after buying an additional 7,219 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in iQIYI by 59.9% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company’s stock worth $81,000 after purchasing an additional 8,225 shares in the last quarter. 52.69% of the stock is owned by hedge funds and other institutional investors.

About iQIYI

iQIYI, Inc, together with its subsidiaries, provides online entertainment video services in the People's Republic of China. It offers various products and services, including online video, online games, online literature, animations, and other products. The company operates a platform that provides a collection of internet video content, such as professionally produced content licensed from professional content providers and self-produced content.