iQIYI (NASDAQ:IQ) Sets New 52-Week Low – Here’s What Happened

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ) shares hit a new 52-week low on Friday. The company traded as low as $0.8134 and last traded at $0.8350, with a volume of 4,301,791 shares changing hands. The stock had previously closed at $0.8930.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of iQIYI from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Weiss Ratings restated a “sell (d)” rating on shares of iQIYI in a report on Monday, September 21st. Benchmark reaffirmed a “hold” rating on shares of iQIYI in a research report on Wednesday, August 19th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $1.40 price objective on shares of iQIYI in a research report on Thursday, August 20th. Finally, Zacks Research upgraded shares of iQIYI from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, iQIYI currently has a consensus rating of “Hold” and an average target price of $1.73.

iQIYI Stock Down 6.8%

The stock has a market cap of $802.81 million, a price-to-earnings ratio of -6.94 and a beta of 0.14. The business has a fifty day moving average of $0.96 and a 200 day moving average of $1.21. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.45 and a quick ratio of 0.45.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Jefferies Financial Group Inc. raised its holdings in shares of iQIYI by 600.0% during the 3rd quarter. Jefferies Financial Group Inc. now owns 1,268,765 shares of the company’s stock valued at $1,269,000 after purchasing an additional 1,087,513 shares in the last quarter. Triata Capital Ltd acquired a new stake in shares of iQIYI in the 2nd quarter valued at $1,152,419. Squarepoint Ops LLC boosted its holdings in iQIYI by 831.3% in the second quarter. Squarepoint Ops LLC now owns 594,856 shares of the company’s stock worth $619,000 after purchasing an additional 530,983 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in iQIYI in the second quarter worth $580,000. Finally, Bank of New York Mellon Corp boosted its holdings in iQIYI by 4.4% in the first quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock worth $721,000 after purchasing an additional 22,662 shares in the last quarter. Institutional investors and hedge funds own 52.69% of the company’s stock.

iQIYI Company Profile

iQIYI, Inc. is a Chinese online entertainment company that operates a video-streaming platform. Its service offers films, television dramas, variety shows, animation and other video content, including programs produced or commissioned by the company. The company generates business through services such as paid memberships, advertising and content distribution. Its platform is available through its website and mobile and connected-device applications, and iQIYI also offers an international service to viewers in selected markets outside China.