iQIYI (NASDAQ:IQ) Shares Down 4.5% – Here’s What Happened

iQIYI, Inc. (NASDAQ:IQ) shares were down 4.5% during mid-day trading on Friday . The company traded as low as $2.24 and last traded at $2.22. Approximately 2,640,147 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 20,620,998 shares. The stock had previously closed at $2.32.

Analysts Set New Price Targets

IQ has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price target on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Friday, November 22nd. Hsbc Global Res upgraded shares of iQIYI from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 16th. Benchmark reaffirmed a “hold” rating on shares of iQIYI in a report on Friday, January 24th. HSBC raised iQIYI from a “reduce” rating to a “hold” rating and set a $2.15 price objective on the stock in a report on Thursday, January 16th. Finally, OTR Global restated a “negative” rating on shares of iQIYI in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, iQIYI has an average rating of “Hold” and an average price target of $2.91.

iQIYI Stock Down 5.4 %

The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.65. The firm has a market cap of $2.11 billion, a P/E ratio of 10.93, a P/E/G ratio of 3.49 and a beta of 0.02. The business has a fifty day moving average of $2.08 and a 200 day moving average of $2.46.

iQIYI (NASDAQ:IQ) last posted its earnings results on Thursday, November 21st. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02. iQIYI had a return on equity of 13.26% and a net margin of 4.69%. During the same quarter last year, the firm earned $0.07 EPS. On average, equities research analysts predict that iQIYI, Inc. will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Ground Swell Capital LLC bought a new position in iQIYI in the third quarter valued at approximately $32,000. Flow Traders U.S. LLC bought a new position in shares of iQIYI in the third quarter valued at $32,000. Ballentine Partners LLC bought a new stake in iQIYI during the fourth quarter worth $47,000. HighTower Advisors LLC raised its position in iQIYI by 102.9% during the third quarter. HighTower Advisors LLC now owns 19,840 shares of the company’s stock worth $56,000 after acquiring an additional 701,901 shares in the last quarter. Finally, One Wealth Management Investment & Advisory Services LLC acquired a new stake in iQIYI in the third quarter valued at $72,000. 52.69% of the stock is currently owned by institutional investors.

About iQIYI

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.