iQIYI (NASDAQ:IQ) Shares Down 5.4% – Here’s Why

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s share price dropped 5.4% during trading on Tuesday . The stock traded as low as $1.34 and last traded at $1.3250. Approximately 1,586,611 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 10,122,890 shares. The stock had previously closed at $1.40.

Wall Street Analyst Weigh In

IQ has been the topic of several recent analyst reports. Wall Street Zen raised iQIYI from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of iQIYI in a research note on Friday, March 27th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $2.22 price target on shares of iQIYI in a research note on Thursday, February 26th. Finally, Zacks Research raised iQIYI from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 12th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.55.

iQIYI Trading Down 5.3%

The company has a fifty day simple moving average of $1.44 and a two-hundred day simple moving average of $1.86. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.21 billion, a PE ratio of -41.67 and a beta of 0.26.

Institutional Investors Weigh In On iQIYI

Several large investors have recently bought and sold shares of IQ. Parallel Advisors LLC increased its holdings in iQIYI by 20.8% during the 4th quarter. Parallel Advisors LLC now owns 29,472 shares of the company’s stock worth $57,000 after purchasing an additional 5,077 shares during the period. Public Employees Retirement System of Ohio increased its holdings in iQIYI by 1.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 432,300 shares of the company’s stock worth $1,107,000 after purchasing an additional 6,900 shares during the period. Catalyst Funds Management Pty Ltd purchased a new stake in iQIYI during the 4th quarter worth about $1,205,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of iQIYI by 393.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,152,263 shares of the company’s stock worth $4,864,000 after acquiring an additional 1,716,011 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of iQIYI by 1,423.3% during the 4th quarter. Marshall Wace LLP now owns 2,811,044 shares of the company’s stock worth $5,397,000 after acquiring an additional 2,626,502 shares in the last quarter. Hedge funds and other institutional investors own 52.69% of the company’s stock.

iQIYI Company Profile

iQIYI, Inc is a leading online entertainment service provider headquartered in Beijing, China, offering a comprehensive portfolio of streaming video content across multiple genres. The company operates a subscription-based video-on-demand (SVOD) platform, complemented by advertising-supported content (AVOD) and pay-per-view offerings. Its digital library encompasses original series, feature films, variety shows, animation and documentaries, catering to diverse demographic segments and viewer preferences.

Originally launched by Baidu in 2010 as an online video site, iQIYI was formally rebranded in early 2012 and has since expanded its footprint beyond China’s domestic market.