iQIYI (NASDAQ:IQ) Shares Down 3.5% Following Analyst Downgrade

iQIYI, Inc. (NASDAQ:IQ - Get Free Report)'s share price traded down 3.5% during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $2.50 to $1.80. JPMorgan Chase & Co. currently has a neutral rating on the stock. iQIYI traded as low as $1.94 and last traded at $1.95. 4,196,320 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 11,754,837 shares. The stock had previously closed at $2.02.

A number of other equities analysts have also recently issued reports on IQ. The Goldman Sachs Group cut iQIYI from a "buy" rating to a "neutral" rating and set a $2.80 price objective for the company. in a report on Tuesday, August 27th. Benchmark restated a "hold" rating on shares of iQIYI in a report on Friday. Finally, Nomura Securities raised shares of iQIYI to a "hold" rating in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat, iQIYI presently has a consensus rating of "Hold" and an average target price of $3.15.

Institutional Trading of iQIYI

A number of hedge funds have recently added to or reduced their stakes in IQ. Genesis Investment Management LLP boosted its position in iQIYI by 112.1% during the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company's stock valued at $47,425,000 after acquiring an additional 8,765,711 shares in the last quarter. Federated Hermes Inc. grew 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 last quarter. Maple Rock Capital Partners Inc. raised its holdings in iQIYI by 65.4% in the first quarter. Maple Rock Capital Partners Inc. now owns 10,320,000 shares of the company's stock worth $43,654,000 after purchasing an additional 4,080,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of iQIYI by 13.5% during the second quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company's stock valued at $21,443,000 after buying an additional 694,349 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of iQIYI in the 2nd quarter valued at about $18,075,000. 52.69% of the stock is owned by hedge funds and other institutional investors.

iQIYI Stock Down 3.5 %

The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market capitalization of $1.87 billion, a P/E ratio of 9.75, a PEG ratio of 0.55 and a beta of 0.08. The business's fifty day moving average price is $2.47 and its two-hundred day moving average price is $3.23.

iQIYI (NASDAQ:IQ - Get Free Report) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.05). The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.02 billion. iQIYI had a return on equity of 13.43% and a net margin of 4.69%. During the same period in the prior year, the firm posted $0.05 earnings per share. Equities analysts expect that iQIYI, Inc. will post 0.16 earnings per share for the current fiscal year.

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.