Krane Funds Advisors LLC Sells 7,138,890 Shares of iQIYI, Inc. (NASDAQ:IQ)

Krane Funds Advisors LLC cut its stake in shares of iQIYI, Inc. (NASDAQ:IQ) by 36.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,615,398 shares of the company’s stock after selling 7,138,890 shares during the period. iQIYI comprises approximately 2.0% of Krane Funds Advisors LLC’s investment portfolio, making the stock its 11th largest holding. Krane Funds Advisors LLC owned 1.31% of iQIYI worth $46,299,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of IQ. Jump Financial LLC bought a new position in shares of iQIYI during the 4th quarter worth approximately $114,000. Dimensional Fund Advisors LP boosted its position in iQIYI by 28.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,370,494 shares of the company’s stock worth $21,320,000 after purchasing an additional 966,688 shares during the last quarter. Panagora Asset Management Inc. grew its stake in iQIYI by 47.9% in the 4th quarter. Panagora Asset Management Inc. now owns 451,605 shares of the company’s stock valued at $2,204,000 after purchasing an additional 146,327 shares during the period. Norges Bank purchased a new stake in shares of iQIYI during the 4th quarter valued at $49,853,000. Finally, Aigen Investment Management LP bought a new stake in shares of iQIYI during the 4th quarter worth $150,000. 52.69% of the stock is currently owned by institutional investors.

iQIYI Stock Performance

Shares of NASDAQ IQ opened at $1.97 on Friday. The stock’s 50-day moving average is $2.95 and its 200 day moving average is $3.85. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 7.04, a P/E/G ratio of 0.46 and a beta of 0.05. iQIYI, Inc. has a 1-year low of $1.93 and a 1-year high of $5.80. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.67.

iQIYI (NASDAQ:IQ) last issued its earnings results on Thursday, August 22nd. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). iQIYI had a return on equity of 14.57% and a net margin of 5.37%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the business earned $0.05 EPS. On average, sell-side analysts anticipate that iQIYI, Inc. will post 0.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on IQ shares. The Goldman Sachs Group cut shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target on the stock. in a report on Tuesday, August 27th. Hsbc Global Res cut iQIYI from a “hold” rating to a “moderate sell” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. decreased their price objective on iQIYI from $5.00 to $3.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. HSBC downgraded shares of iQIYI from a “hold” rating to a “reduce” rating and dropped their price objective for the company from $4.70 to $3.00 in a report on Tuesday, July 23rd. Finally, Nomura Securities upgraded shares of iQIYI to a “hold” rating in a research note on Monday, August 26th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, iQIYI currently has a consensus rating of “Hold” and an average target price of $3.45.

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.