iQIYI (NASDAQ:IQ) Shares Gap Up – Should You Buy?

iQIYI, Inc. (NASDAQ:IQ) gapped up prior to trading on Monday . The stock had previously closed at $2.21, but opened at $2.37. iQIYI shares last traded at $2.51, with a volume of 6,191,968 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on IQ. Nomura Securities upgraded iQIYI to a “hold” rating in a report on Monday, August 26th. JPMorgan Chase & Co. dropped their target price on iQIYI from $2.50 to $1.80 and set a “neutral” rating on the stock in a research report on Friday, November 22nd. The Goldman Sachs Group cut iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price on the stock. in a research report on Tuesday, August 27th. Finally, Benchmark reaffirmed a “hold” rating on shares of iQIYI in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $3.15.

iQIYI Trading Down 4.9 %

The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 0.56 and a beta of 0.02. The company has a fifty day moving average price of $2.42 and a 200-day moving average price of $2.96. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.65.

Hedge Funds Weigh In On iQIYI

A number of large investors have recently bought and sold shares of the business. Genesis Investment Management LLP raised its holdings in iQIYI by 112.1% in the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock worth $47,425,000 after purchasing an additional 8,765,711 shares during the period. Federated Hermes Inc. raised its holdings in iQIYI by 18.9% in the 2nd quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after purchasing an additional 2,549,287 shares during the period. Dimensional Fund Advisors LP raised its holdings in iQIYI by 13.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock worth $21,443,000 after purchasing an additional 694,349 shares during the period. Quarry LP acquired a new position in iQIYI in the 2nd quarter worth about $18,075,000. Finally, Geode Capital Management LLC raised its holdings in iQIYI by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,259,673 shares of the company’s stock worth $9,256,000 after purchasing an additional 112,709 shares during the period. 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.