iQIYI (NASDAQ:IQ) Shares Gap Up – Time to Buy?

iQIYI, Inc. (NASDAQ:IQ) shares gapped up prior to trading on Wednesday . The stock had previously closed at $1.99, but opened at $2.07. iQIYI shares last traded at $2.16, with a volume of 2,439,146 shares changing hands.

Analyst Ratings Changes

IQ has been the topic of several research reports. Benchmark reaffirmed a “hold” rating on shares of iQIYI in a report on Friday, November 22nd. Nomura Securities upgraded iQIYI to a “hold” rating in a research note on Monday, August 26th. The Goldman Sachs Group lowered iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective on the stock. in a research report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. dropped their target price on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.15.

iQIYI Stock Performance

The company has a 50-day moving average of $2.47 and a 200-day moving average of $3.15. The firm has a market capitalization of $2.06 billion, a P/E ratio of 10.75, a price-to-earnings-growth ratio of 0.56 and a beta of 0.08. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.65.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. raised its position in shares of iQIYI by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 173,386 shares of the company’s stock worth $496,000 after acquiring an additional 23,926 shares in the last quarter. Tidal Investments LLC bought a new stake in iQIYI in the third quarter worth approximately $164,000. Virtu Financial LLC acquired a new position in iQIYI in the third quarter valued at approximately $282,000. Geode Capital Management LLC lifted its stake in iQIYI by 3.6% in the third quarter. Geode Capital Management LLC now owns 3,259,673 shares of the company’s stock valued at $9,256,000 after buying an additional 112,709 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of iQIYI during the 3rd quarter worth approximately $88,000. Institutional investors and hedge funds own 52.69% of the company’s stock.

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.