iQIYI (NASDAQ:IQ) Stock Price Up 9.2% – Here’s What Happened

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on IQ shares. Nomura Securities upgraded shares of iQIYI to a “hold” rating in a report on Monday, August 26th. Benchmark restated a “hold” rating on shares of iQIYI in a report on Friday, November 22nd. The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target for the company. in a report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. dropped their price objective on iQIYI from $2.50 to $1.80 and set a “neutral” rating on the stock in a research note on Friday, November 22nd. One equities research 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 has a consensus rating of “Hold” and an average target price of $3.15.

iQIYI Stock Up 8.0 %

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 stock has a market capitalization of $2.06 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 0.56 and a beta of 0.08. The stock has a fifty day moving average price of $2.47 and a 200 day moving average price of $3.16.

Hedge Funds Weigh In On iQIYI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IQ. Dimensional Fund Advisors LP increased its holdings in shares of iQIYI by 13.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock worth $21,443,000 after buying an additional 694,349 shares during the last quarter. Genesis Investment Management LLP increased its stake in iQIYI by 112.1% in the third quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock valued at $47,425,000 after acquiring an additional 8,765,711 shares during the last quarter. SG Americas Securities LLC raised its position in iQIYI by 8,351.7% during the third quarter. SG Americas Securities LLC now owns 1,005,249 shares of the company’s stock valued at $2,875,000 after purchasing an additional 993,355 shares in the last quarter. American Century Companies Inc. lifted its stake in iQIYI by 36.2% during the second quarter. American Century Companies Inc. now owns 946,984 shares of the company’s stock worth $3,475,000 after purchasing an additional 251,813 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of iQIYI by 185.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock worth $7,803,000 after purchasing an additional 1,381,265 shares in the last quarter. 52.69% of the stock is currently owned by hedge funds and other 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.