IQIYI (IQ) Stock Price Down 6.1%

Shares of IQIYI Inc (NASDAQ:IQ) dropped 6.1% during mid-day trading on Monday . The stock traded as low as $19.50 and last traded at $19.53. Approximately 7,149,306 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 15,602,270 shares. The stock had previously closed at $20.80.

IQ has been the subject of several recent research reports. Jefferies Financial Group initiated coverage on IQIYI in a research note on Monday, October 8th. They issued a “buy” rating and a $33.00 price target for the company. CLSA initiated coverage on IQIYI in a research note on Tuesday, September 4th. They issued a “buy” rating for the company. Zacks Investment Research upgraded IQIYI from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Saturday, August 4th. Goldman Sachs Group downgraded IQIYI from a “buy” rating to a “neutral” rating and set a $23.00 price target for the company. in a research note on Thursday, August 2nd. They noted that the move was a valuation call. Finally, Bank of America boosted their price target on IQIYI from $35.50 to $41.00 and gave the company a “neutral” rating in a research note on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $30.60.

The company has a debt-to-equity ratio of 0.01, a current ratio of 0.95 and a quick ratio of 0.95.

IQIYI (NASDAQ:IQ) last released its earnings results on Tuesday, October 30th. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.22). The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Equities analysts forecast that IQIYI Inc will post -1.58 EPS for the current year.

Large investors have recently added to or reduced their stakes in the company. Krane Funds Advisors LLC acquired a new position in shares of IQIYI during the 3rd quarter worth $71,565,000. Griffin Asset Management Inc. acquired a new position in shares of IQIYI during the 3rd quarter worth $607,000. B. Riley Wealth Management Inc. acquired a new position in shares of IQIYI during the 3rd quarter worth $277,000. Banco de Sabadell S.A acquired a new position in shares of IQIYI during the 3rd quarter worth $218,000. Finally, Advisors Asset Management Inc. raised its holdings in shares of IQIYI by 11.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 28,742 shares of the company’s stock worth $778,000 after buying an additional 2,959 shares in the last quarter. Hedge funds and other institutional investors own 6.82% of the company’s stock.

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About IQIYI (NASDAQ:IQ)

iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand name in China. It operates a platform that provides a collection of Internet video content, including professionally-produced content licensed from professional content providers and self-produced content.

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