Mirae Asset Global Investments Co. Ltd. Sells 152,862 Shares of iQIYI, Inc. (NASDAQ:IQ)

Mirae Asset Global Investments Co. Ltd. decreased its holdings in iQIYI, Inc. (NASDAQ:IQ - Free Report) by 91.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,005 shares of the company's stock after selling 152,862 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in iQIYI were worth $28,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Flow Traders U.S. LLC bought a new position in iQIYI during the third quarter valued at $32,000. Ground Swell Capital LLC purchased a new position in shares of iQIYI during the 3rd quarter worth about $32,000. Ballentine Partners LLC bought a new position in iQIYI during the 4th quarter valued at about $47,000. Franklin Resources Inc. raised its position in iQIYI by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 173,386 shares of the company's stock worth $496,000 after purchasing an additional 23,926 shares during the period. Finally, One Wealth Management Investment & Advisory Services LLC purchased a new stake in iQIYI in the 3rd quarter worth about $72,000. Hedge funds and other institutional investors own 52.69% of the company's stock.

iQIYI Stock Up 4.5 %

Shares of IQ stock traded up $0.11 during mid-day trading on Wednesday, hitting $2.42. The stock had a trading volume of 23,530,342 shares, compared to its average volume of 25,828,766. iQIYI, Inc. has a 12-month low of $1.82 and a 12-month high of $5.80. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.45 and a quick ratio of 0.45. The firm's 50-day moving average is $2.13 and its two-hundred day moving average is $2.36. The firm has a market capitalization of $2.32 billion, a P/E ratio of 12.08, a price-to-earnings-growth ratio of 4.10 and a beta of 0.03.

iQIYI (NASDAQ:IQ - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. iQIYI had a net margin of 4.69% and a return on equity of 13.26%. The company had revenue of $919.56 million during the quarter, compared to analyst estimates of $6.62 billion. On average, analysts predict that iQIYI, Inc. will post 0.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on IQ shares. HSBC upgraded iQIYI from a "reduce" rating to a "hold" rating and set a $2.15 target price for the company in a research report on Thursday, January 16th. Citigroup dropped their price objective on iQIYI from $3.00 to $2.80 and set a "buy" rating for the company in a report on Thursday, January 16th. Benchmark reiterated a "hold" rating on shares of iQIYI in a research note on Wednesday. OTR Global reissued a "negative" rating on shares of iQIYI in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. cut their price target on shares of iQIYI from $2.50 to $1.80 and set a "neutral" rating on the stock in a report on Friday, November 22nd. One investment 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, the company has a consensus rating of "Hold" and a consensus target price of $2.91.

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.