Garden State Investment Advisory Services LLC Buys New Stake in iQIYI, Inc. (NASDAQ:IQ)

Garden State Investment Advisory Services LLC acquired a new stake in iQIYI, Inc. (NASDAQ:IQ) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 292,065 shares of the company’s stock, valued at approximately $835,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Genesis Investment Management LLP grew its holdings 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 purchasing an additional 8,765,711 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of iQIYI by 18.9% during the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock valued at $58,929,000 after acquiring an additional 2,549,287 shares in the last quarter. Dimensional Fund Advisors LP increased 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 worth $21,443,000 after acquiring an additional 694,349 shares during the last quarter. Quarry LP acquired a new position in shares of iQIYI in the second quarter worth about $18,075,000. Finally, The Manufacturers Life Insurance Company grew its stake in iQIYI by 185.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock valued at $7,803,000 after purchasing an additional 1,381,265 shares in the last quarter. Institutional investors and hedge funds own 52.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on IQ shares. JPMorgan Chase & Co. decreased their target price on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a research report on Friday, November 22nd. The Goldman Sachs Group lowered shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price for the company. in a research report on Tuesday, August 27th. Benchmark restated a “hold” rating on shares of iQIYI in a research report on Friday, November 22nd. Finally, Nomura Securities upgraded shares of iQIYI to a “hold” rating in a report on Monday, August 26th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.15.

iQIYI Trading Up 2.3 %

Shares of NASDAQ:IQ opened at $2.21 on Monday. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 0.58 and a beta of 0.08. iQIYI, Inc. has a 1-year low of $1.89 and a 1-year high of $5.80. The company has a 50 day moving average price of $2.47 and a 200 day moving average price of $3.10. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45.

iQIYI 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.