iQIYI (NASDAQ:IQ) Shares Gap Up to $2.32

iQIYI, Inc. (NASDAQ:IQ - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $2.32, but opened at $2.64. iQIYI shares last traded at $2.79, with a volume of 15,343,889 shares.

Wall Street Analyst Weigh In

A number of research firms recently commented on IQ. Hsbc Global Res downgraded iQIYI from a "hold" rating to a "moderate sell" rating in a report on Tuesday, July 23rd. Benchmark lowered shares of iQIYI from a "buy" rating to a "hold" rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. cut their target price on shares of iQIYI from $5.00 to $3.00 and set a "neutral" rating on the stock in a report on Tuesday, July 23rd. Nomura Securities raised shares of iQIYI to a "hold" rating in a research report on Monday, August 26th. Finally, 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. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $3.45.

iQIYI Price Performance

The company has a debt-to-equity ratio of 0.67, a current ratio of 0.53 and a quick ratio of 0.53. The company's 50-day moving average price is $2.66 and its 200-day moving average price is $3.75. The company has a market cap of $2.57 billion, a P/E ratio of 9.57, a P/E/G ratio of 0.49 and a beta of 0.05.

iQIYI (NASDAQ:IQ - Get Free Report) last released 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 for the quarter, compared to the consensus estimate of $1.02 billion. iQIYI had a return on equity of 14.57% and a net margin of 5.37%. During the same quarter last year, the company posted $0.05 EPS. As a group, sell-side analysts predict that iQIYI, Inc. will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of iQIYI

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Krane Funds Advisors LLC increased its position in shares of iQIYI by 2.5% in the fourth quarter. Krane Funds Advisors LLC now owns 19,194,425 shares of the company's stock valued at $93,669,000 after acquiring an additional 467,032 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of iQIYI by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 17,756,701 shares of the company's stock worth $86,653,000 after purchasing an additional 170,227 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of iQIYI by 18.9% in the 2nd quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company's stock valued at $58,929,000 after buying an additional 2,549,287 shares during the last quarter. Maple Rock Capital Partners Inc. grew its stake in shares of iQIYI by 65.4% in the first quarter. Maple Rock Capital Partners Inc. now owns 10,320,000 shares of the company's stock valued at $43,654,000 after buying an additional 4,080,000 shares in the last quarter. Finally, Norges Bank acquired a new position in iQIYI during the fourth quarter worth $49,853,000. 52.69% of the stock is currently owned by institutional investors and hedge funds.

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.