iQIYI, Inc. (NASDAQ:IQ) Position Increased by Genesis Investment Management LLP

Genesis Investment Management LLP lifted its position in iQIYI, Inc. (NASDAQ:IQ) by 112.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,582,183 shares of the company’s stock after acquiring an additional 8,765,711 shares during the quarter. iQIYI accounts for approximately 9.2% of Genesis Investment Management LLP’s holdings, making the stock its 3rd largest position. Genesis Investment Management LLP owned 1.73% of iQIYI worth $47,425,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Skandinaviska Enskilda Banken AB publ bought a new position in iQIYI during the 2nd quarter valued at $31,000. Seven Eight Capital LP bought a new stake in iQIYI in the second quarter worth about $42,000. Vanguard Personalized Indexing Management LLC acquired a new stake in iQIYI in the 2nd quarter valued at about $46,000. Ballentine Partners LLC boosted its holdings in iQIYI by 65.0% during 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 in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of iQIYI by 59.9% during the second 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 during the period. 52.69% of the stock is owned by institutional investors and hedge funds.

iQIYI Trading Down 3.6 %

iQIYI stock traded down $0.10 during mid-day trading on Wednesday, reaching $2.70. 4,964,261 shares of the company traded hands, compared to its average volume of 11,097,672. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of 10.00, a P/E/G ratio of 0.49 and a beta of 0.07. The firm’s 50 day moving average price is $2.62 and its 200 day moving average price is $3.69. iQIYI, Inc. has a 52-week low of $1.92 and a 52-week high of $5.80. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.53 and a quick ratio of 0.53.

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on IQ. Benchmark lowered iQIYI from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. HSBC downgraded iQIYI from a “hold” rating to a “reduce” rating and cut their price target for the company from $4.70 to $3.00 in a research note on Tuesday, July 23rd. Hsbc Global Res downgraded iQIYI from a “hold” rating to a “moderate sell” rating in a report on Tuesday, July 23rd. Nomura Securities upgraded iQIYI to a “hold” rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. dropped their price objective on iQIYI from $5.00 to $3.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat, iQIYI has an average rating of “Hold” and a consensus target price of $3.45.

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.