iQIYI (NASDAQ:IQ) Shares Gap Up to $2.32

iQIYI, Inc. (NASDAQ:IQ)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $2.32, but opened at $2.64. iQIYI shares last traded at $2.79, with a volume of 15,343,889 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on IQ. HSBC lowered shares of iQIYI from a “hold” rating to a “reduce” rating and lowered their price target for the company from $4.70 to $3.00 in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. lowered their target price on shares of iQIYI from $5.00 to $3.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Hsbc Global Res lowered iQIYI from a “hold” rating to a “moderate sell” rating in a report on Tuesday, July 23rd. Nomura Securities upgraded iQIYI to a “hold” rating in a research report on Monday, August 26th. Finally, Benchmark cut iQIYI from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, iQIYI currently has an average rating of “Hold” and an average target price of $3.45.

iQIYI Stock Up 15.1 %

The company’s 50 day simple moving average is $2.68 and its 200-day simple moving average is $3.76. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market capitalization of $2.56 billion, a PE ratio of 9.07, a PEG ratio of 0.49 and a beta of 0.05.

iQIYI (NASDAQ:IQ) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). iQIYI had a return on equity of 14.57% and a net margin of 5.37%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the business posted $0.05 EPS. On average, analysts forecast that iQIYI, Inc. will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On iQIYI

Several hedge funds have recently bought and sold shares of the stock. Krane Funds Advisors LLC lifted its stake in iQIYI by 2.5% during the fourth quarter. Krane Funds Advisors LLC now owns 19,194,425 shares of the company’s stock worth $93,669,000 after purchasing an additional 467,032 shares during the last quarter. Vanguard Group Inc. lifted its position in iQIYI by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,756,701 shares of the company’s stock worth $86,653,000 after buying an additional 170,227 shares during the last quarter. Federated Hermes Inc. boosted its stake in iQIYI by 18.9% in the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after buying an additional 2,549,287 shares in the last quarter. Maple Rock Capital Partners Inc. grew its position in iQIYI by 65.4% during the first quarter. Maple Rock Capital Partners Inc. now owns 10,320,000 shares of the company’s stock valued at $43,654,000 after acquiring an additional 4,080,000 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of iQIYI during the fourth quarter worth approximately $49,853,000. 52.69% of the stock is currently owned by institutional investors.

iQIYI Company 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.