iQIYI (NASDAQ:IQ) Sees Strong Trading Volume - Here's What Happened

Shares of iQIYI, Inc. (NASDAQ:IQ - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 32,545,142 shares traded hands during trading, an increase of 25% from the previous session's volume of 26,041,418 shares.The stock last traded at $2.19 and had previously closed at $2.42.

Wall Street Analysts Forecast Growth

IQ has been the topic of a number of research reports. HSBC raised shares of iQIYI from a "reduce" rating to a "hold" rating and set a $2.15 target price on the stock in a research note on Thursday, January 16th. OTR Global reaffirmed a "negative" rating on shares of iQIYI in a research note on Wednesday, January 8th. Citigroup decreased their target price on shares of iQIYI from $3.00 to $2.80 and set a "buy" rating on the stock in a research note on Thursday, January 16th. JPMorgan Chase & Co. decreased their target price on shares of iQIYI from $2.50 to $1.80 and set a "neutral" rating on the stock in a research note on Friday, November 22nd. Finally, Hsbc Global Res raised shares of iQIYI from a "moderate sell" rating to a "hold" rating in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $2.91.

iQIYI Trading Up 3.4 %

The company has a quick ratio of 0.45, a current ratio of 0.44 and a debt-to-equity ratio of 0.70. The company has a market cap of $2.16 billion, a P/E ratio of 22.55, a PEG ratio of 4.58 and a beta of 0.03. The firm's 50 day moving average is $2.13 and its two-hundred day moving average is $2.34.

iQIYI (NASDAQ:IQ - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The company reported ($0.03) earnings per share 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 7.62%. The company had revenue of $919.56 million for the quarter, compared to analysts' expectations of $6.62 billion. As a group, equities research analysts anticipate that iQIYI, Inc. will post 0.04 EPS for the current year.

Hedge Funds Weigh In On iQIYI

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GF Fund Management CO. LTD. acquired a new position in iQIYI in the fourth quarter valued at $1,693,000. Public Employees Retirement System of Ohio raised its holdings in shares of iQIYI by 924.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 314,600 shares of the company's stock valued at $632,000 after purchasing an additional 283,900 shares during the period. Woodline Partners LP acquired a new position in shares of iQIYI during the fourth quarter valued at about $6,818,000. Vident Advisory LLC acquired a new position in shares of iQIYI during the fourth quarter valued at about $33,000. Finally, LMR Partners LLP acquired a new position in shares of iQIYI during the fourth quarter valued at about $237,000. Institutional investors and hedge funds 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.