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

iQIYI, Inc. (NASDAQ:IQ)’s share price gapped down before the market opened on Monday . The stock had previously closed at $2.26, but opened at $2.19. iQIYI shares last traded at $2.11, with a volume of 18,692,724 shares.

Analysts Set New Price Targets

A number of analysts recently weighed in on IQ shares. JPMorgan Chase & Co. decreased 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. Citigroup reduced their price objective on iQIYI from $3.00 to $2.80 and set a “buy” rating for the company in a report on Thursday, January 16th. Hsbc Global Res raised iQIYI from a “moderate sell” rating to a “hold” rating in a report on Thursday, January 16th. HSBC upgraded shares of iQIYI from a “reduce” rating to a “hold” rating and set a $2.15 target price for the company in a research report on Thursday, January 16th. Finally, Benchmark reiterated a “hold” rating on shares of iQIYI in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, iQIYI has a consensus rating of “Hold” and an average price target of $2.91.

iQIYI Stock Performance

The stock has a 50 day simple moving average of $2.13 and a 200 day simple moving average of $2.32. The company has a quick ratio of 0.45, a current ratio of 0.44 and a debt-to-equity ratio of 0.70. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 21.10, a PEG ratio of 4.13 and a beta of 0.03.

iQIYI (NASDAQ:IQ) last released its quarterly earnings results on Tuesday, February 18th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. iQIYI had a net margin of 2.62% and a return on equity of 7.62%. The business had revenue of $919.56 million during the quarter, compared to the consensus estimate of $6.62 billion. As a group, analysts predict that iQIYI, Inc. will post 0.04 EPS for the current year.

Hedge Funds Weigh In On iQIYI

A number of hedge funds and other institutional investors have recently bought and sold shares of IQ. Flow Traders U.S. LLC acquired a new stake in iQIYI in the third quarter worth $32,000. Ground Swell Capital LLC bought a new stake in iQIYI during the third quarter worth approximately $32,000. SBI Securities Co. Ltd. bought a new stake in iQIYI in the fourth quarter worth about $32,000. Vident Advisory LLC acquired a new position in shares of iQIYI in the 4th quarter worth approximately $33,000. Finally, PDS Planning Inc bought a new stake in shares of iQIYI in the 4th quarter worth approximately $35,000. 52.69% of the stock is currently owned by institutional investors and hedge funds.

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.