Rhumbline Advisers Decreases Stake in iQIYI, Inc. (NASDAQ:IQ)

Rhumbline Advisers lessened its stake in shares of iQIYI, Inc. (NASDAQ:IQ) by 76.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,443 shares of the company’s stock after selling 113,375 shares during the quarter. Rhumbline Advisers’ holdings in iQIYI were worth $126,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Ballentine Partners LLC boosted its stake in shares of iQIYI by 65.0% during the 1st quarter. Ballentine Partners LLC now owns 18,317 shares of the company’s stock valued at $77,000 after purchasing an additional 7,219 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of iQIYI by 59.9% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company’s stock valued at $81,000 after acquiring an additional 8,225 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of iQIYI in the 2nd quarter worth about $133,000. DNB Asset Management AS boosted its stake in 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 purchasing an additional 11,679 shares in the last quarter. Finally, AustralianSuper Pty Ltd purchased a new stake in iQIYI during the 2nd quarter valued at about $245,000. Hedge funds and other institutional investors own 52.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on IQ shares. Nomura Securities upgraded shares of iQIYI to a “hold” rating in a report on Monday, August 26th. Hsbc Global Res downgraded iQIYI from a “hold” rating to a “moderate sell” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group cut iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target for the company. in a research note on Tuesday, August 27th. HSBC cut iQIYI from a “hold” rating to a “reduce” rating and dropped their price objective for the company from $4.70 to $3.00 in a research report on Tuesday, July 23rd. Finally, Benchmark downgraded iQIYI from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $3.45.

iQIYI Trading Up 1.1 %

iQIYI stock opened at $2.86 on Tuesday. The business has a 50-day simple moving average of $2.64 and a two-hundred day simple moving average of $3.74. The company has a market cap of $2.74 billion, a P/E ratio of 10.21, a P/E/G ratio of 0.49 and a beta of 0.05. iQIYI, Inc. has a 52-week low of $1.92 and a 52-week high of $5.80. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.67.

iQIYI (NASDAQ:IQ) last announced its quarterly earnings data on Thursday, August 22nd. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.05). iQIYI had a net margin of 5.37% and a return on equity of 14.57%. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the previous year, the business earned $0.05 earnings per share. Analysts predict that iQIYI, Inc. will post 0.16 EPS for the current year.

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.