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

iQIYI, Inc. (NASDAQ:IQ)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $3.19, but opened at $2.99. iQIYI shares last traded at $3.09, with a volume of 6,736,204 shares changing hands.

Analysts Set New Price Targets

Several analysts have weighed in on IQ shares. JPMorgan Chase & Co. lowered their price target on iQIYI from $5.00 to $3.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. HSBC cut iQIYI from a “hold” rating to a “reduce” rating and lowered their price target for the company from $4.70 to $3.00 in a report on Tuesday, July 23rd. The Goldman Sachs Group cut iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target on the stock. in a report on Tuesday, August 27th. Nomura Securities raised iQIYI to a “hold” rating in a report on Monday, August 26th. Finally, Hsbc Global Res cut iQIYI from a “hold” rating to a “moderate sell” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $3.45.

iQIYI Trading Up 4.0 %

The company has a market capitalization of $2.97 billion, a PE ratio of 11.07, a PEG ratio of 0.49 and a beta of 0.07. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.67. The stock has a fifty day moving average of $2.63 and a two-hundred day moving average of $3.71.

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

Hedge Funds Weigh In On iQIYI

Several institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC grew its position in iQIYI by 8,351.7% during the 3rd quarter. SG Americas Securities LLC now owns 1,005,249 shares of the company’s stock worth $2,875,000 after acquiring an additional 993,355 shares during the last quarter. Quarry LP bought a new position in iQIYI during the 2nd quarter worth approximately $18,075,000. SIH Partners LLLP bought a new position in iQIYI during the 2nd quarter worth approximately $117,000. Scientech Research LLC bought a new position in iQIYI during the 2nd quarter worth approximately $495,000. Finally, The Manufacturers Life Insurance Company grew its position in iQIYI by 185.4% during the 2nd 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 during the last quarter. 52.69% of the stock is currently owned by institutional investors.

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.