iQIYI (NASDAQ:IQ) Shares Gap Up – Here’s What Happened

iQIYI, Inc. (NASDAQ:IQ) shares gapped up prior to trading on Monday . The stock had previously closed at $2.21, but opened at $2.37. iQIYI shares last traded at $2.51, with a volume of 6,191,968 shares traded.

Wall Street Analysts Forecast Growth

IQ has been the subject of several research analyst reports. The Goldman Sachs Group downgraded iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective for the company. in a research report on Tuesday, August 27th. Benchmark reissued a “hold” rating on shares of iQIYI in a report on Friday, November 22nd. Nomura Securities raised shares of iQIYI to a “hold” rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. lowered their price target on shares of iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $3.15.

iQIYI Stock Performance

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 company has a market cap of $2.47 billion, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 0.56 and a beta of 0.02. The stock has a 50-day moving average price of $2.44 and a 200 day moving average price of $3.00.

Institutional Investors Weigh In On iQIYI

Several institutional investors have recently added to or reduced their stakes in IQ. Genesis Investment Management LLP boosted its position in 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 acquiring an additional 8,765,711 shares during the last quarter. Federated Hermes Inc. boosted its holdings 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 purchasing an additional 2,549,287 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in iQIYI by 13.5% during the second 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 last quarter. Quarry LP bought a new position in iQIYI in the second quarter valued at $18,075,000. Finally, Geode Capital Management LLC increased its stake 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 last quarter. 52.69% of the stock is owned by 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.