The Manufacturers Life Insurance Company Sells 2,062,712 Shares of iQIYI, Inc. (NASDAQ:IQ)

The Manufacturers Life Insurance Company lowered its stake in iQIYI, Inc. (NASDAQ:IQ) by 97.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,387 shares of the company’s stock after selling 2,062,712 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in iQIYI were worth $181,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of IQ. Dimensional Fund Advisors LP increased its holdings in shares of iQIYI by 13.5% during the second quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock valued at $21,443,000 after acquiring an additional 694,349 shares in the last quarter. Genesis Investment Management LLP increased its stake in iQIYI by 112.1% during the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock valued at $47,425,000 after purchasing an additional 8,765,711 shares in the last quarter. SG Americas Securities LLC raised its holdings in iQIYI by 8,351.7% during the third quarter. SG Americas Securities LLC now owns 1,005,249 shares of the company’s stock worth $2,875,000 after buying an additional 993,355 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of iQIYI by 36.2% in the second quarter. American Century Companies Inc. now owns 946,984 shares of the company’s stock valued at $3,475,000 after buying an additional 251,813 shares in the last quarter. Finally, Monolith Management Ltd acquired a new position in shares of iQIYI during the third quarter valued at about $4,576,000. 52.69% of the stock is owned by institutional investors.

iQIYI Stock Down 7.9 %

iQIYI stock opened at $2.09 on Tuesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45. The stock has a market cap of $2.01 billion, a PE ratio of 10.45, a price-to-earnings-growth ratio of 0.60 and a beta of 0.02. iQIYI, Inc. has a fifty-two week low of $1.89 and a fifty-two week high of $5.80. The firm’s 50-day simple moving average is $2.37 and its 200 day simple moving average is $2.91.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on IQ shares. JPMorgan Chase & Co. lowered their target price on shares of iQIYI from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Friday, November 22nd. The Goldman Sachs Group lowered iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective for the company. in a report on Tuesday, August 27th. Nomura Securities upgraded iQIYI to a “hold” rating in a report on Monday, August 26th. Finally, Benchmark reiterated a “hold” rating on shares of iQIYI in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $3.15.

iQIYI 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.