iQIYI (NASDAQ:IQ) Shares Gap Down – What’s Next?

iQIYI, Inc. (NASDAQ:IQ) gapped down before the market opened on Wednesday . The stock had previously closed at $2.35, but opened at $2.30. iQIYI shares last traded at $2.26, with a volume of 948,497 shares traded.

Wall Street Analysts Forecast Growth

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

iQIYI Trading Down 2.6 %

The company has a fifty day moving average of $2.39 and a 200-day moving average of $2.95. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 0.60 and a beta of 0.02.

Institutional Investors Weigh In On iQIYI

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System lifted its stake in iQIYI by 2.4% in the 1st quarter. California State Teachers Retirement System now owns 127,426 shares of the company’s stock worth $539,000 after purchasing an additional 2,950 shares in the last quarter. Bank of New York Mellon Corp lifted its position in iQIYI by 15.0% during the second quarter. Bank of New York Mellon Corp now owns 834,542 shares of the company’s stock worth $3,063,000 after buying an additional 109,128 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in iQIYI during the second quarter worth $245,000. Principal Financial Group Inc. purchased a new stake in iQIYI in the 2nd quarter valued at $133,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in iQIYI by 59.9% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,954 shares of the company’s stock valued at $81,000 after buying an additional 8,225 shares in the last quarter. Institutional investors and hedge funds own 52.69% of the company’s stock.

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.