Short Interest in iQIYI, Inc. (NASDAQ:IQ) Decreases By 6.0%

iQIYI, Inc. (NASDAQ:IQ) was the recipient of a large drop in short interest in November. As of November 15th, there was short interest totalling 52,410,000 shares, a drop of 6.0% from the October 31st total of 55,770,000 shares. Based on an average daily volume of 19,760,000 shares, the days-to-cover ratio is presently 2.7 days. Currently, 10.0% of the shares of the stock are sold short.

Institutional Investors Weigh In On iQIYI

Institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its stake in iQIYI by 2.4% in the first quarter. California State Teachers Retirement System now owns 127,426 shares of the company’s stock worth $539,000 after purchasing an additional 2,950 shares in the last quarter. DNB Asset Management AS grew its position in shares of iQIYI by 45.0% in the 2nd quarter. DNB Asset Management AS now owns 37,616 shares of the company’s stock worth $138,000 after acquiring an additional 11,679 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of iQIYI by 8.5% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 378,773 shares of the company’s stock valued at $1,390,000 after acquiring an additional 29,653 shares during the last quarter. Genesis Investment Management LLP acquired a new stake in shares of iQIYI during the 2nd quarter valued at approximately $28,686,000. Finally, Bank of New York Mellon Corp lifted its stake in iQIYI by 15.0% during the second quarter. Bank of New York Mellon Corp now owns 834,542 shares of the company’s stock worth $3,063,000 after purchasing an additional 109,128 shares during the last quarter. Institutional investors and hedge funds own 52.69% of the company’s stock.

iQIYI Stock Up 0.9 %

Shares of NASDAQ:IQ traded up $0.02 during midday trading on Monday, reaching $2.18. The company had a trading volume of 24,858,163 shares, compared to its average volume of 12,292,737. iQIYI has a one year low of $1.89 and a one year 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 stock has a market capitalization of $2.09 billion, a P/E ratio of 10.80, a PEG ratio of 0.58 and a beta of 0.08. The stock’s fifty day moving average price is $2.47 and its 200-day moving average price is $3.10.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on IQ shares. Benchmark reiterated a “hold” rating on shares of iQIYI in a research note on Friday, November 22nd. Nomura Securities raised iQIYI to a “hold” rating in a research report on Monday, August 26th. The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective on the stock. in a report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. reduced their target price 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 research analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat.com, iQIYI presently has a consensus rating of “Hold” and an average price target of $3.15.

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.