Pictet Asset Management SA increased its position in iQIYI, Inc. (NASDAQ:IQ – Get Rating) by 9.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 392,700 shares of the company’s stock after buying an additional 33,700 shares during the quarter. Pictet Asset Management SA’s holdings in iQIYI were worth $1,649,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Yousif Capital Management LLC purchased a new stake in shares of iQIYI during the second quarter valued at $58,000. Comerica Bank purchased a new stake in shares of iQIYI during the second quarter valued at $60,000. West Family Investments Inc. acquired a new position in iQIYI during the first quarter valued at $85,000. US Bancorp DE raised its position in iQIYI by 15.0% during the second quarter. US Bancorp DE now owns 24,412 shares of the company’s stock valued at $102,000 after buying an additional 3,186 shares during the period. Finally, Signaturefd LLC raised its position in iQIYI by 14.2% during the first quarter. Signaturefd LLC now owns 27,830 shares of the company’s stock valued at $126,000 after buying an additional 3,458 shares during the period. 44.85% of the stock is owned by hedge funds and other institutional investors.
iQIYI Stock Performance
Shares of IQ stock opened at $2.84 on Tuesday. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market cap of $2.27 billion, a P/E ratio of -4.06 and a beta of 0.70. The stock’s 50-day moving average is $2.58 and its two-hundred day moving average is $3.47. iQIYI, Inc. has a fifty-two week low of $1.65 and a fifty-two week high of $6.94.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on the company. Benchmark dropped their price target on iQIYI from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, August 31st. Citigroup dropped their price target on iQIYI from $6.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, October 14th. Macquarie assumed coverage on iQIYI in a research report on Tuesday, August 23rd. They set an “underperform” rating and a $2.80 price target on the stock. UBS Group raised iQIYI from a “neutral” rating to a “buy” rating and set a $4.80 price target on the stock in a research report on Thursday, September 1st. Finally, JPMorgan Chase & Co. started coverage on iQIYI in a research report on Wednesday, September 7th. They issued an “overweight” rating and a $7.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, iQIYI presently has an average rating of “Hold” and a consensus target price of $5.09.
iQIYI Company Profile
iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand in the People's Republic of China. The company offers various products and services comprising internet video, online games, live broadcasting, online literature, animations, e-commerce, and social media platform.
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