iQIYI (NASDAQ:IQ) Trading Up 3.3% – Here’s What Happened

iQIYI, Inc. (NASDAQ:IQ) shares traded up 3.3% during trading on Thursday . The company traded as high as $2.19 and last traded at $2.18. 1,926,082 shares were traded during mid-day trading, a decline of 85% from the average session volume of 12,769,712 shares. The stock had previously closed at $2.11.

Analyst Ratings Changes

Several research firms have recently weighed in on IQ. JPMorgan Chase & Co. reduced their price objective on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a research note on Friday, November 22nd. Benchmark restated a “hold” rating on shares of iQIYI in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat, iQIYI currently has an average rating of “Hold” and an average target price of $3.15.

iQIYI Stock Up 0.9 %

The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 0.60 and a beta of 0.02. The firm has a 50-day moving average of $2.29 and a 200 day moving average of $2.79. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.45 and a quick ratio of 0.45.

Hedge Funds Weigh In On iQIYI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of iQIYI by 59.9% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company’s stock valued at $81,000 after acquiring an additional 8,225 shares in the last quarter. Skandinaviska Enskilda Banken AB publ bought a new position in iQIYI during the second quarter worth about $31,000. Sei Investments Co. increased its position in shares of iQIYI by 10.1% during the second quarter. Sei Investments Co. now owns 112,270 shares of the company’s stock valued at $412,000 after buying an additional 10,342 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of iQIYI by 6.1% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 187,200 shares of the company’s stock worth $687,000 after purchasing an additional 10,700 shares in the last quarter. Finally, Flow Traders U.S. LLC purchased a new position in iQIYI in the 3rd quarter worth $32,000. Institutional investors own 52.69% of the company’s stock.

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.