Principal Financial Group Inc. Buys 65,396 Shares of iQIYI, Inc. (NASDAQ:IQ)

Principal Financial Group Inc. raised its stake in shares of iQIYI, Inc. (NASDAQ:IQ) by 181.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 101,500 shares of the company’s stock after purchasing an additional 65,396 shares during the period. Principal Financial Group Inc.’s holdings in iQIYI were worth $290,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IQ. Bank of New York Mellon Corp boosted its position in iQIYI by 15.0% during the second quarter. Bank of New York Mellon Corp now owns 834,542 shares of the company’s stock valued at $3,063,000 after acquiring an additional 109,128 shares during the last quarter. Prudential PLC boosted its position in shares of iQIYI by 19.8% during the 2nd quarter. Prudential PLC now owns 176,455 shares of the company’s stock valued at $648,000 after purchasing an additional 29,148 shares in the last quarter. American Century Companies Inc. grew its stake in iQIYI by 36.2% during the second quarter. American Century Companies Inc. now owns 946,984 shares of the company’s stock worth $3,475,000 after purchasing an additional 251,813 shares during the period. Federated Hermes Inc. grew its stake in iQIYI by 18.9% during the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after purchasing an additional 2,549,287 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in iQIYI by 13.5% in the second quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock worth $21,443,000 after purchasing an additional 694,349 shares in the last quarter. 52.69% of the stock is owned by institutional investors and hedge funds.

iQIYI Trading Up 1.0 %

NASDAQ:IQ opened at $1.99 on Tuesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a 50-day moving average of $2.21 and a 200-day moving average of $2.67. The company has a market cap of $1.91 billion, a PE ratio of 9.95, a PEG ratio of 0.58 and a beta of 0.02. iQIYI, Inc. has a one year low of $1.89 and a one year high of $5.80.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Benchmark reissued a “hold” rating on shares of iQIYI in a research report on Friday, November 22nd. JPMorgan Chase & Co. cut their price target on iQIYI from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $3.15.

iQIYI Company Profile

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.