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

Principal Financial Group Inc. lifted its holdings in iQIYI, Inc. (NASDAQ:IQ) by 181.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 101,500 shares of the company’s stock after acquiring 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 reporting period.

Other institutional investors have also recently made changes to their positions in the company. Genesis Investment Management LLP lifted its stake in iQIYI by 112.1% in the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock worth $47,425,000 after purchasing an additional 8,765,711 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of iQIYI by 18.9% in the 2nd quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after buying an additional 2,549,287 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of iQIYI by 13.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock worth $21,443,000 after buying an additional 694,349 shares during the last quarter. Quarry LP bought a new position in shares of iQIYI in the 2nd quarter valued at about $18,075,000. Finally, The Manufacturers Life Insurance Company grew its position in iQIYI by 185.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock worth $7,803,000 after acquiring an additional 1,381,265 shares in the last quarter. Hedge funds and other institutional investors own 52.69% of the company’s stock.

iQIYI Stock Up 6.7 %

NASDAQ:IQ opened at $2.08 on Tuesday. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 0.53 and a beta of 0.08. iQIYI, Inc. has a twelve month low of $1.89 and a twelve month high of $5.80. The stock has a fifty day simple moving average of $2.47 and a 200-day simple moving average of $3.20. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.65.

Analysts Set New Price Targets

IQ has been the subject of several analyst reports. The Goldman Sachs Group lowered iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective for the company. in a research note on Tuesday, August 27th. Benchmark reiterated a “hold” rating on shares of iQIYI in a research report on Friday. JPMorgan Chase & Co. lowered their target price on shares of iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Friday. Finally, Nomura Securities upgraded shares of iQIYI to a “hold” rating in a report on Monday, August 26th. 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.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.