iQIYI (NASDAQ:IQ) Shares Gap Up – Here’s What Happened

iQIYI, Inc. (NASDAQ:IQ) gapped up prior to trading on Friday . The stock had previously closed at $2.36, but opened at $2.50. iQIYI shares last traded at $2.47, with a volume of 3,671,635 shares traded.

Wall Street Analysts Forecast Growth

IQ has been the topic of a number of research reports. Nomura Securities raised shares of iQIYI to a “hold” rating in a research report on Monday, August 26th. HSBC downgraded shares of iQIYI from a “hold” rating to a “reduce” rating and dropped their price objective for the stock from $4.70 to $3.00 in a report on Tuesday, July 23rd. The Goldman Sachs Group downgraded 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. Benchmark cut iQIYI from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Hsbc Global Res downgraded iQIYI from a “hold” rating to a “moderate sell” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $3.45.

iQIYI Stock Up 2.5 %

The stock has a market capitalization of $2.32 billion, a P/E ratio of 8.64, a PEG ratio of 0.70 and a beta of 0.07. The business has a 50-day simple moving average of $2.51 and a two-hundred day simple moving average of $3.60. 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 posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.05). The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.02 billion. iQIYI had a return on equity of 14.57% and a net margin of 5.37%. During the same period in the previous year, the business posted $0.05 EPS. Equities research analysts forecast that iQIYI, Inc. will post 0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ bought a new stake in iQIYI during the 2nd quarter worth about $31,000. Seven Eight Capital LP bought a new stake in shares of iQIYI during the second quarter valued at approximately $42,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of iQIYI in the second quarter valued at approximately $46,000. Ballentine Partners LLC increased its holdings in shares of iQIYI by 65.0% in the first 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. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in iQIYI by 59.9% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company’s stock worth $81,000 after purchasing an additional 8,225 shares during the last quarter. 52.69% of the stock is 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.