Garden State Investment Advisory Services LLC Purchases Shares of 292,065 iQIYI, Inc. (NASDAQ:IQ)

Garden State Investment Advisory Services LLC bought a new stake in iQIYI, Inc. (NASDAQ:IQ - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 292,065 shares of the company's stock, valued at approximately $835,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Genesis Investment Management LLP grew its position in shares of iQIYI by 112.1% during the third quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company's stock worth $47,425,000 after acquiring an additional 8,765,711 shares during the last quarter. Quarry LP purchased a new position in iQIYI during the 2nd quarter worth $18,075,000. Federated Hermes Inc. increased its stake in iQIYI by 18.9% in the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company's stock valued at $58,929,000 after purchasing an additional 2,549,287 shares during the period. Monolith Management Ltd purchased a new stake in shares of iQIYI in the third quarter valued at about $4,576,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of iQIYI by 185.4% during the second quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company's stock worth $7,803,000 after buying an additional 1,381,265 shares during the period. 52.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IQ has been the subject of several recent research reports. Benchmark reaffirmed a "hold" rating on shares of iQIYI in a report on Friday, November 22nd. The Goldman Sachs Group downgraded iQIYI from a "buy" rating to a "neutral" rating and set a $2.80 price target on the stock. in a research note on Tuesday, August 27th. Nomura Securities upgraded iQIYI to a "hold" rating in a research report on Monday, August 26th. Finally, JPMorgan Chase & Co. reduced their target price on iQIYI from $2.50 to $1.80 and set a "neutral" rating for the company in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $3.15.

iQIYI Price Performance

IQ stock traded down $0.02 during trading on Friday, hitting $2.27. The stock had a trading volume of 42,992,272 shares, compared to its average volume of 12,777,878. iQIYI, Inc. has a 1-year low of $1.89 and a 1-year high of $5.80. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of 11.35, a price-to-earnings-growth ratio of 0.60 and a beta of 0.02. The company's 50 day moving average price is $2.37 and its two-hundred day moving average price is $2.94. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45.

iQIYI 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.