iQIYI (NASDAQ:IQ) Shares Gap Up to $2.84

iQIYI, Inc. (NASDAQ:IQGet Rating) shares gapped up prior to trading on Tuesday . The stock had previously closed at $2.84, but opened at $2.96. iQIYI shares last traded at $2.61, with a volume of 194,496 shares traded.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Macquarie assumed coverage on iQIYI in a research report on Tuesday, August 23rd. They issued an “underperform” rating and a $2.80 price target on the stock. 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. The Goldman Sachs Group dropped their price target on iQIYI from $5.10 to $4.40 and set a “neutral” rating on the stock in a research report on Wednesday. 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, Morgan Stanley boosted their price objective on shares of iQIYI from $2.50 to $2.70 in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, iQIYI currently has an average rating of “Hold” and a consensus price target of $4.29.

iQIYI Stock Performance

The company has a market capitalization of $1.98 billion, a PE ratio of -3.54 and a beta of 0.70. The business’s fifty day moving average is $2.54 and its two-hundred day moving average is $3.46. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.92.

iQIYI (NASDAQ:IQGet Rating) last announced its earnings results on Tuesday, August 30th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.02 billion. iQIYI had a negative net margin of 12.33% and a negative return on equity of 48.03%. During the same period in the previous year, the business earned ($0.27) EPS. Equities research analysts predict that iQIYI, Inc. will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On iQIYI

Hedge funds have recently added to or reduced their stakes in the stock. Balyasny Asset Management LLC increased its stake in shares of iQIYI by 1,115.1% in the 3rd quarter. Balyasny Asset Management LLC now owns 1,718,579 shares of the company’s stock worth $4,657,000 after purchasing an additional 1,577,139 shares in the last quarter. BNP Paribas Arbitrage SNC increased its stake in shares of iQIYI by 10.1% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 623,063 shares of the company’s stock worth $1,689,000 after purchasing an additional 57,141 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of iQIYI by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 12,149,935 shares of the company’s stock worth $32,926,000 after purchasing an additional 219,515 shares in the last quarter. Ensign Peak Advisors Inc increased its stake in shares of iQIYI by 30.1% in the 3rd quarter. Ensign Peak Advisors Inc now owns 26,150 shares of the company’s stock worth $71,000 after purchasing an additional 6,050 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of iQIYI by 6.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 596,439 shares of the company’s stock worth $1,617,000 after purchasing an additional 36,348 shares in the last quarter. 44.85% of the stock is currently owned by hedge funds and other institutional investors.

About iQIYI

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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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