iQIYI (NASDAQ:IQ) Shares Gap Down - Here's What Happened

Shares of iQIYI, Inc. (NASDAQ:IQ - Get Free Report) 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 changing hands.

Analysts Set New Price Targets

Several analysts have recently commented on IQ shares. HSBC raised shares of iQIYI from a "reduce" rating to a "hold" rating and set a $2.15 price target on the stock in a research report on Thursday, January 16th. OTR Global reissued a "negative" rating on shares of iQIYI in a research report on Wednesday, January 8th. JPMorgan Chase & Co. cut their price objective on iQIYI from $2.50 to $1.80 and set a "neutral" rating on the stock in a research report on Friday, November 22nd. Citigroup cut their price objective on iQIYI from $3.00 to $2.80 and set a "buy" rating on the stock in a research report on Thursday, January 16th. Finally, Benchmark reiterated a "hold" rating on shares of iQIYI in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $2.91.

iQIYI Stock Up 3.4 %

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

iQIYI (NASDAQ:IQ - Get Free Report) last posted its quarterly 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. The firm had revenue of $919.56 million during the quarter, compared to analysts' expectations of $6.62 billion. iQIYI had a net margin of 2.62% and a return on equity of 7.62%. As a group, sell-side analysts forecast that iQIYI, Inc. will post 0.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in IQ. Robeco Institutional Asset Management B.V. increased its holdings in iQIYI by 4.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 24,357,654 shares of the company's stock valued at $48,959,000 after buying an additional 1,114,390 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in iQIYI by 82.1% in the fourth quarter. Krane Funds Advisors LLC now owns 21,763,769 shares of the company's stock valued at $43,745,000 after buying an additional 9,809,187 shares in the last quarter. Vanguard Group Inc. increased its holdings in iQIYI by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 18,293,085 shares of the company's stock valued at $36,769,000 after buying an additional 502,154 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in iQIYI by 41.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,011,033 shares of the company's stock valued at $22,135,000 after buying an additional 3,235,223 shares in the last quarter. Finally, Barclays PLC increased its holdings in iQIYI by 78.2% in the fourth quarter. Barclays PLC now owns 3,745,666 shares of the company's stock valued at $7,529,000 after buying an additional 1,643,387 shares in the last quarter. 52.69% of the stock is owned by hedge funds and other institutional investors.

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.