iQIYI (NASDAQ:IQ) Sees Large Volume Increase – Here’s Why

iQIYI, Inc. (NASDAQ:IQ) shares saw unusually-strong trading volume on Thursday . Approximately 39,137,721 shares traded hands during trading, an increase of 122% from the previous session’s volume of 17,594,195 shares.The stock last traded at $2.39 and had previously closed at $2.24.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on IQ shares. Hsbc Global Res upgraded iQIYI from a “moderate sell” rating to a “hold” rating in a report on Thursday, January 16th. Citigroup reduced their target price on shares of iQIYI from $3.00 to $2.80 and set a “buy” rating for the company in a research note on Thursday, January 16th. OTR Global reissued a “negative” rating on shares of iQIYI in a research report on Wednesday, January 8th. Benchmark reaffirmed a “hold” rating on shares of iQIYI in a research report on Wednesday, February 19th. Finally, HSBC upgraded shares of iQIYI from a “reduce” rating to a “hold” rating and set a $2.15 price objective for the company in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.91.

iQIYI Stock Performance

The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.45 and a current ratio of 0.44. The company has a market cap of $2.16 billion, a PE ratio of 22.50, a price-to-earnings-growth ratio of 4.13 and a beta of 0.05. The company’s 50 day moving average price is $2.26 and its 200-day moving average price is $2.28.

iQIYI (NASDAQ:IQ) last announced its quarterly earnings data on Tuesday, February 18th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. iQIYI had a return on equity of 7.62% and a net margin of 2.62%. The business had revenue of $919.56 million for the quarter, compared to analysts’ expectations of $6.62 billion. Equities research analysts anticipate that iQIYI, Inc. will post 0.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IQ. Flow Traders U.S. LLC bought a new stake in iQIYI in the third quarter valued at approximately $32,000. SBI Securities Co. Ltd. bought a new stake in iQIYI in the fourth quarter worth $32,000. Vident Advisory LLC purchased a new stake in iQIYI during the 4th quarter valued at about $33,000. PDS Planning Inc bought a new stake in shares of iQIYI during the fourth quarter valued at approximately $35,000. Finally, BTG Pactual Asset Management US LLC purchased a new position in shares of iQIYI in the fourth quarter worth $37,000. 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.