iQIYI (NASDAQ:IQ) Trading 4.3% Higher – Still a Buy?

iQIYI, Inc. (NASDAQ:IQ)’s share price rose 4.3% on Tuesday . The stock traded as high as $2.19 and last traded at $2.18. Approximately 6,310,278 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 12,798,565 shares. The stock had previously closed at $2.09.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IQ. Benchmark reissued a “hold” rating on shares of iQIYI in a report on Friday, November 22nd. JPMorgan Chase & Co. decreased their price objective 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 cut shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 target price for the company. in a research note on Tuesday, August 27th. Finally, Nomura Securities upgraded iQIYI to a “hold” rating in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $3.15.

iQIYI Stock Performance

The company has a market cap of $2.07 billion, a price-to-earnings ratio of 10.90, a P/E/G ratio of 0.60 and a beta of 0.02. The stock’s fifty day simple moving average is $2.36 and its 200 day simple moving average is $2.89. 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 Investors Weigh In On iQIYI

A number of hedge funds have recently modified their holdings of IQ. Genesis Investment Management LLP grew its position in iQIYI by 112.1% in the third quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock worth $47,425,000 after acquiring an additional 8,765,711 shares during the period. Federated Hermes Inc. grew its holdings in shares of iQIYI by 18.9% during the 2nd quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after purchasing an additional 2,549,287 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of iQIYI by 13.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock worth $21,443,000 after purchasing an additional 694,349 shares during the period. Quarry LP acquired a new stake in shares of iQIYI during the 2nd quarter worth about $18,075,000. Finally, Geode Capital Management LLC raised its holdings in iQIYI by 3.6% in the 3rd 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. Hedge funds and other institutional investors 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.