iQIYI (NASDAQ:IQ) Trading Down 8.7% – Here’s What Happened

iQIYI, Inc. (NASDAQ:IQ)’s stock price was down 8.7% during trading on Tuesday . The stock traded as low as $2.69 and last traded at $2.74. Approximately 5,125,707 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 11,040,609 shares. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IQ. HSBC cut shares of 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 research report on Tuesday, July 23rd. The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price on the stock. in a report on Tuesday, August 27th. Benchmark lowered iQIYI from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. decreased their price objective on iQIYI from $5.00 to $3.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Finally, Hsbc Global Res lowered iQIYI from a “hold” rating to a “moderate sell” rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $3.45.

iQIYI Trading Down 7.7 %

The stock has a market cap of $2.66 billion, a PE ratio of 9.79, a PEG ratio of 0.49 and a beta of 0.07. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.67. The stock’s fifty day moving average price is $2.63 and its 200 day moving average price is $3.70.

iQIYI (NASDAQ:IQ) last released its quarterly earnings data on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.05). iQIYI had a net margin of 5.37% and a return on equity of 14.57%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period last year, the company posted $0.05 earnings per share. On average, sell-side analysts forecast that iQIYI, Inc. will post 0.16 EPS for the current year.

Institutional Trading of iQIYI

A number of institutional investors have recently made changes to their positions in the stock. Prudential PLC boosted its stake in shares of iQIYI by 40.1% in the 4th quarter. Prudential PLC now owns 126,570 shares of the company’s stock worth $618,000 after buying an additional 36,242 shares during the last quarter. Krane Funds Advisors LLC increased its position in shares of iQIYI by 2.5% during the 4th quarter. Krane Funds Advisors LLC now owns 19,194,425 shares of the company’s stock valued at $93,669,000 after purchasing an additional 467,032 shares during the last quarter. Vanguard Group Inc. increased its position in shares of iQIYI by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 17,756,701 shares of the company’s stock valued at $86,653,000 after purchasing an additional 170,227 shares during the last quarter. Nomura Holdings Inc. lifted its stake in shares of iQIYI by 67.7% in the 4th quarter. Nomura Holdings Inc. now owns 210,773 shares of the company’s stock worth $1,029,000 after purchasing an additional 85,052 shares during the period. Finally, Ballentine Partners LLC boosted its holdings in shares of iQIYI by 65.0% in the first quarter. Ballentine Partners LLC now owns 18,317 shares of the company’s stock worth $77,000 after buying an additional 7,219 shares during the last quarter. Hedge funds and other institutional investors own 52.69% of the company’s stock.

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.