iQIYI (NASDAQ:IQ) Shares Gap Down to $2.44

iQIYI, Inc. (NASDAQ:IQ - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $2.44, but opened at $2.34. iQIYI shares last traded at $2.38, with a volume of 3,418,692 shares traded.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Hsbc Global Res cut shares of iQIYI from a "hold" rating to a "moderate sell" rating in a report on Tuesday, July 23rd. The Goldman Sachs Group cut shares of iQIYI from a "buy" rating to a "neutral" rating and set a $2.80 price objective for the company. in a research report on Tuesday, August 27th. HSBC lowered iQIYI from a "hold" rating to a "reduce" rating and dropped their target price for the company from $4.70 to $3.00 in a report on Tuesday, July 23rd. Nomura Securities raised iQIYI to a "hold" rating in a research report on Monday, August 26th. Finally, Benchmark lowered iQIYI from a "buy" rating to a "hold" rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $3.45.

iQIYI Stock Down 4.9 %

The firm's 50 day simple moving average is $2.68 and its 200-day simple moving average is $3.76. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 8.29, a P/E/G ratio of 0.49 and a beta of 0.05. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.53 and a quick ratio of 0.53.

iQIYI (NASDAQ:IQ - Get Free Report) last announced its earnings results on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.05). The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.02 billion. iQIYI had a net margin of 5.37% and a return on equity of 14.57%. During the same period last year, the company earned $0.05 earnings per share. As a group, sell-side analysts anticipate that iQIYI, Inc. will post 0.16 earnings per share for the current year.

Institutional Trading of iQIYI

A number of large investors have recently bought and sold shares of IQ. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of iQIYI in the 2nd quarter valued at approximately $31,000. Seven Eight Capital LP acquired a new position in iQIYI in the 2nd quarter valued at $42,000. Vanguard Personalized Indexing Management LLC purchased a new position in iQIYI during the 2nd quarter worth $46,000. Ballentine Partners LLC lifted its stake in shares of iQIYI by 65.0% in the 1st quarter. Ballentine Partners LLC now owns 18,317 shares of the company's stock worth $77,000 after acquiring an additional 7,219 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of iQIYI by 59.9% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company's stock valued at $81,000 after acquiring an additional 8,225 shares in the last quarter. Institutional investors and hedge funds own 52.69% of the company's stock.

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.