Genesis Investment Management LLP Sells 12,660,689 Shares of iQIYI, Inc. (NASDAQ:IQ)

Genesis Investment Management LLP cut its position in shares of iQIYI, Inc. (NASDAQ:IQ) by 76.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,921,494 shares of the company’s stock after selling 12,660,689 shares during the quarter. iQIYI comprises 8.7% of Genesis Investment Management LLP’s portfolio, making the stock its 3rd biggest position. Genesis Investment Management LLP owned about 0.41% of iQIYI worth $7,882,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake 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 valued at $21,443,000 after acquiring an additional 694,349 shares during the period. Quarry LP purchased a new stake in shares of iQIYI in the second quarter worth about $18,075,000. Geode Capital Management LLC grew its stake in shares of iQIYI by 3.6% in the third 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 in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of iQIYI by 185.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock valued at $7,803,000 after buying an additional 1,381,265 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in iQIYI by 77.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,871,931 shares of the company’s stock worth $5,354,000 after acquiring an additional 815,226 shares in the last quarter. 52.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. OTR Global reaffirmed a “negative” rating on shares of iQIYI in a research report on Wednesday, January 8th. Citigroup lowered their price target on shares of iQIYI from $3.00 to $2.80 and set a “buy” rating for the company in a report on Thursday, January 16th. Benchmark reiterated a “hold” rating on shares of iQIYI in a report on Friday, November 22nd. Hsbc Global Res upgraded iQIYI from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 16th. Finally, JPMorgan Chase & Co. cut their price target 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 analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.91.

iQIYI Stock Performance

Shares of IQ stock opened at $1.94 on Tuesday. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of 9.70, a PEG ratio of 2.03 and a beta of 0.02. iQIYI, Inc. has a one year low of $1.82 and a one year high of $5.80. The company’s 50-day simple moving average is $2.09 and its 200-day simple moving average is $2.53. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45.

iQIYI 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.