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

Shares of iQIYI, Inc. (NASDAQ:IQ) gapped down before the market opened on Tuesday . The stock had previously closed at $2.54, but opened at $2.42. iQIYI shares last traded at $2.38, with a volume of 10,345,600 shares trading hands.

Analyst Ratings Changes

IQ has been the subject of several analyst reports. Benchmark restated a “hold” rating on shares of iQIYI in a report on Wednesday. OTR Global reissued a “negative” rating on shares of iQIYI in a research note on Wednesday, January 8th. HSBC upgraded iQIYI from a “reduce” rating to a “hold” rating and set a $2.15 price target on the stock in a report on Thursday, January 16th. Citigroup reduced their target price on iQIYI from $3.00 to $2.80 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Finally, JPMorgan Chase & Co. lowered their target price on shares of iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.91.

iQIYI Stock Down 9.9 %

The firm has a market cap of $2.09 billion, a P/E ratio of 21.80, a P/E/G ratio of 3.72 and a beta of 0.03. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.65. The business has a 50-day moving average price of $2.13 and a 200-day moving average price of $2.35.

iQIYI (NASDAQ:IQ) last issued its earnings results on Tuesday, February 18th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. iQIYI had a net margin of 2.62% and a return on equity of 7.67%. The company had revenue of $919.56 million for the quarter, compared to analysts’ expectations of $6.62 billion. On average, equities analysts forecast that iQIYI, Inc. will post 0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Creative Planning grew its position in shares of iQIYI by 31.5% in the 3rd quarter. Creative Planning now owns 108,280 shares of the company’s stock worth $310,000 after buying an additional 25,961 shares during the last quarter. Ground Swell Capital LLC purchased a new position in iQIYI in the third quarter worth $32,000. Principal Financial Group Inc. increased its position in shares of iQIYI by 181.1% during the third quarter. Principal Financial Group Inc. now owns 101,500 shares of the company’s stock worth $290,000 after purchasing an additional 65,396 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of iQIYI by 127.2% during the 3rd quarter. GSA Capital Partners LLP now owns 66,789 shares of the company’s stock valued at $191,000 after purchasing an additional 37,396 shares during the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of iQIYI during the 3rd quarter valued at $523,000. 52.69% of the stock is 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.