Monolith Management Ltd Buys Shares of 1,600,000 iQIYI, Inc. (NASDAQ:IQ)

Monolith Management Ltd purchased a new position in shares of iQIYI, Inc. (NASDAQ:IQ) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,600,000 shares of the company’s stock, valued at approximately $4,576,000. iQIYI makes up approximately 2.7% of Monolith Management Ltd’s portfolio, making the stock its 11th biggest position. Monolith Management Ltd owned 0.17% of iQIYI at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Genesis Investment Management LLP raised its stake in iQIYI by 112.1% in 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 during the last quarter. Quarry LP acquired a new position in iQIYI during the second quarter valued at approximately $18,075,000. Federated Hermes Inc. grew its stake in iQIYI by 18.9% during the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after buying an additional 2,549,287 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of iQIYI by 185.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock worth $7,803,000 after acquiring an additional 1,381,265 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of iQIYI by 8,351.7% in the third quarter. SG Americas Securities LLC now owns 1,005,249 shares of the company’s stock worth $2,875,000 after acquiring an additional 993,355 shares in the last quarter. Hedge funds and other institutional investors own 52.69% of the company’s stock.

iQIYI Price Performance

Shares of NASDAQ IQ opened at $1.95 on Monday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.65. iQIYI, Inc. has a fifty-two week low of $1.92 and a fifty-two week high of $5.80. The business has a 50 day moving average price of $2.47 and a two-hundred day moving average price of $3.21. The firm has a market cap of $1.87 billion, a PE ratio of 9.75, a price-to-earnings-growth ratio of 0.53 and a beta of 0.08.

iQIYI (NASDAQ:IQ) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). iQIYI had a return on equity of 13.26% and a net margin of 4.69%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the previous year, the business posted $0.05 EPS. Sell-side analysts expect that iQIYI, Inc. will post 0.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.