iQIYI (NASDAQ:IQ) Reaches New 52-Week Low – Here’s What Happened

Shares of iQIYI, Inc. (NASDAQ:IQ) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $1.88 and last traded at $1.89, with a volume of 11823122 shares trading hands. The stock had previously closed at $2.02.

Analysts Set New Price Targets

Several analysts have issued reports on the company. OTR Global reissued a “negative” rating on shares of iQIYI in a report on Wednesday. Benchmark restated a “hold” rating on shares of iQIYI in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. cut their price objective on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a research report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, iQIYI presently has a consensus rating of “Hold” and a consensus target price of $3.15.

iQIYI Stock Performance

The company has a market capitalization of $1.82 billion, a P/E ratio of 9.50, a P/E/G ratio of 0.58 and a beta of 0.02. 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 has a 50-day moving average of $2.16 and a 200-day moving average of $2.62.

Institutional Investors Weigh In On iQIYI

Several hedge funds and other institutional investors have recently modified their holdings of the business. Genesis Investment Management LLP grew its position in shares of iQIYI by 112.1% during the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock worth $47,425,000 after buying an additional 8,765,711 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of 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 acquiring an additional 2,549,287 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in iQIYI by 13.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,846,420 shares of the company’s stock valued at $21,443,000 after purchasing an additional 694,349 shares in the last quarter. Quarry LP purchased a new stake in shares of iQIYI during the second quarter valued at $18,075,000. Finally, Geode Capital Management LLC increased its position in shares of 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 acquiring an additional 112,709 shares during the period. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

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.