iQIYI (NASDAQ:IQ) Stock Price Up 9.2% – Here’s What Happened

Shares of iQIYI, Inc. (NASDAQ:IQ) traded up 9.2% during trading on Monday . The stock traded as high as $2.17 and last traded at $2.13. 12,848,746 shares were traded during trading, an increase of 9% from the average session volume of 11,808,544 shares. The stock had previously closed at $1.95.

Analyst Upgrades and Downgrades

IQ has been the subject of a number of research reports. 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 note on Tuesday, August 27th. Benchmark restated a “hold” rating on shares of iQIYI in a research report on Friday, November 22nd. Nomura Securities upgraded iQIYI to a “hold” rating in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. dropped their target price on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $3.15.

iQIYI Trading Up 8.0 %

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 price is $2.47 and its 200 day moving average price is $3.16. The stock has a market capitalization of $2.06 billion, a P/E ratio of 10.85, a P/E/G ratio of 0.56 and a beta of 0.08.

Institutional Investors Weigh In On iQIYI

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its holdings 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 acquiring an additional 694,349 shares in the last quarter. Genesis Investment Management LLP boosted its holdings in iQIYI by 112.1% in the third 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. SG Americas Securities LLC increased its position in iQIYI by 8,351.7% during the 3rd quarter. SG Americas Securities LLC now owns 1,005,249 shares of the company’s stock valued at $2,875,000 after purchasing an additional 993,355 shares during the period. American Century Companies Inc. raised its holdings in iQIYI by 36.2% in the 2nd quarter. American Century Companies Inc. now owns 946,984 shares of the company’s stock worth $3,475,000 after purchasing an additional 251,813 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of iQIYI by 185.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock worth $7,803,000 after purchasing an additional 1,381,265 shares during the period. Hedge funds and other institutional investors 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.