iQIYI (NASDAQ:IQ) Trading 5.5% Higher – Time to Buy?

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s stock price rose 5.5% on Wednesday . The company traded as high as $1.06 and last traded at $1.0550. Approximately 4,961,543 shares changed hands during trading, a decline of 43% from the average session volume of 8,681,989 shares. The stock had previously closed at $1.00.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IQ. Zacks Research upgraded shares of iQIYI from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. JPMorgan Chase & Co. lowered their price target on shares of iQIYI from $2.20 to $1.20 and set a “neutral” rating for the company in a report on Thursday, August 20th. Wall Street Zen raised shares of iQIYI from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Benchmark reissued a “hold” rating on shares of iQIYI in a report on Wednesday, August 19th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of iQIYI in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, iQIYI has a consensus rating of “Hold” and an average price target of $1.73.

iQIYI Trading Up 1.9%

The firm has a market cap of $1.06 billion, a PE ratio of -9.17 and a beta of 0.19. The firm has a fifty day simple moving average of $1.13 and a two-hundred day simple moving average of $1.17. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.81.

Institutional Trading of iQIYI

Several large investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio boosted its position in iQIYI by 2.5% in the first quarter. Public Employees Retirement System of Ohio now owns 366,300 shares of the company’s stock worth $495,000 after purchasing an additional 8,900 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of iQIYI by 4.4% during the 1st quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock valued at $721,000 after purchasing an additional 22,662 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of iQIYI during the 2nd quarter valued at about $58,000. Squarepoint Ops LLC lifted its stake in shares of iQIYI by 831.3% in the 2nd quarter. Squarepoint Ops LLC now owns 594,856 shares of the company’s stock worth $619,000 after purchasing an additional 530,983 shares during the period. Finally, Catalyst Funds Management Pty Ltd bought a new position in shares of iQIYI in the 4th quarter worth approximately $1,205,000. Institutional investors own 52.69% of the company’s stock.

About iQIYI

iQIYI, Inc is a China-based online entertainment company that operates a streaming video platform through its website and mobile applications. The company offers professionally produced and user-generated video content, including television dramas, films, variety programs, anime, sports and other entertainment programming.

iQIYI develops and distributes original programming while also licensing content from third-party producers and studios. Its services include advertising-supported viewing, subscription-based membership offerings and premium content features.