iQIYI (NASDAQ:IQ) Trading Up 9.2% – Here’s Why

iQIYI, Inc. (NASDAQ:IQ) was up 9.2% during mid-day trading on Monday . The company traded as high as $2.17 and last traded at $2.13. Approximately 12,848,746 shares traded hands during trading, an increase of 9% from the average daily volume of 11,808,544 shares. The stock had previously closed at $1.95.

Analysts Set New Price Targets

IQ has been the topic of a number of research reports. The Goldman Sachs Group lowered shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target on the stock. in a research note on Tuesday, August 27th. Nomura Securities raised shares of iQIYI to a “hold” rating in a research report on Monday, August 26th. Benchmark reiterated a “hold” rating on shares of iQIYI in a report on Friday. Finally, JPMorgan Chase & Co. dropped their price target on iQIYI from $2.50 to $1.80 and set a “neutral” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.15.

iQIYI Trading Up 6.7 %

The company has a debt-to-equity ratio of 0.65, a current ratio of 0.45 and a quick ratio of 0.45. The business’s 50-day moving average is $2.47 and its two-hundred day moving average is $3.20. The firm has a market cap of $2.00 billion, a P/E ratio of 10.80, a P/E/G ratio of 0.53 and a beta of 0.08.

iQIYI (NASDAQ:IQ) last announced 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). iQIYI had a net margin of 4.69% and a return on equity of 13.26%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the previous year, the business earned $0.05 EPS. As a group, analysts predict that iQIYI, Inc. will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On iQIYI

Several hedge funds and other institutional investors have recently made changes to their positions in IQ. Skandinaviska Enskilda Banken AB publ bought a new position in iQIYI during the second quarter worth about $31,000. Ground Swell Capital LLC bought a new position in shares of iQIYI during the 3rd quarter worth approximately $32,000. Flow Traders U.S. LLC acquired a new position in shares of iQIYI during the 3rd quarter worth approximately $32,000. Seven Eight Capital LP acquired a new position in shares of iQIYI during the 2nd quarter worth approximately $42,000. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in iQIYI in the 2nd quarter valued at $46,000. 52.69% of the stock is owned by institutional investors.

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.