abrdn plc Sells 33,518 Shares of iQIYI, Inc. (NASDAQ:IQ)

abrdn plc lowered its holdings in iQIYI, Inc. (NASDAQ:IQ) by 26.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 93,333 shares of the company’s stock after selling 33,518 shares during the period. abrdn plc’s holdings in iQIYI were worth $267,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of IQ. Skandinaviska Enskilda Banken AB publ purchased a new stake in iQIYI during the 2nd quarter worth about $31,000. Seven Eight Capital LP purchased a new stake in shares of iQIYI in the second quarter worth about $42,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of iQIYI in the second quarter valued at approximately $46,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in 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. Finally, SIH Partners LLLP bought a new stake in iQIYI during the 2nd quarter worth approximately $117,000. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on IQ. JPMorgan Chase & Co. cut their price target on shares of iQIYI from $5.00 to $3.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Benchmark cut iQIYI from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Hsbc Global Res cut iQIYI from a “hold” rating to a “moderate sell” rating in a report on Tuesday, July 23rd. 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. Finally, Nomura Securities raised shares of iQIYI to a “hold” rating in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat, iQIYI has a consensus rating of “Hold” and an average price target of $3.45.

iQIYI Price Performance

IQ opened at $2.58 on Wednesday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $2.48 billion, a P/E ratio of 10.75, a PEG ratio of 0.66 and a beta of 0.08. The stock has a 50-day moving average price of $2.43 and a 200-day moving average price of $3.45. iQIYI, Inc. has a 12-month low of $1.92 and a 12-month high of $5.80.

iQIYI (NASDAQ:IQ) last issued its earnings results on Thursday, August 22nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.05). The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations 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 prior year, the company earned $0.05 EPS. Equities analysts predict that iQIYI, Inc. will post 0.16 earnings per share for the current fiscal year.

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.