iQIYI (NASDAQ:IQ) Trading Up 7% – Here’s Why

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ)’s stock price rose 7% on Wednesday . The stock traded as high as $1.06 and last traded at $1.0650. Approximately 3,076,563 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 9,106,347 shares. The stock had previously closed at $0.9954.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of iQIYI in a report on Wednesday, June 24th. Benchmark restated a “hold” rating on shares of iQIYI in a research report on Tuesday, May 19th. Zacks Research cut shares of iQIYI from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Finally, Wall Street Zen downgraded shares of iQIYI from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.55.

iQIYI Trading Up 7.0%

The firm’s 50 day simple moving average is $1.09 and its two-hundred day simple moving average is $1.47. The stock has a market capitalization of $1.03 billion, a P/E ratio of -10.65 and a beta of 0.19. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.79.

Hedge Funds Weigh In On iQIYI

Several large investors have recently added to or reduced their stakes in the business. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of iQIYI in the fourth quarter worth approximately $8,488,000. Marshall Wace LLP raised its holdings in shares of iQIYI by 1,423.3% in the fourth quarter. Marshall Wace LLP now owns 2,811,044 shares of the company’s stock valued at $5,397,000 after purchasing an additional 2,626,502 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of iQIYI by 393.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,152,263 shares of the company’s stock valued at $4,864,000 after purchasing an additional 1,716,011 shares in the last quarter. Catalyst Funds Management Pty Ltd bought a new position in shares of iQIYI during the fourth quarter valued at about $1,205,000. Finally, Bank of New York Mellon Corp boosted its holdings in iQIYI by 4.4% during the first quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock worth $721,000 after purchasing an additional 22,662 shares during the last quarter. Institutional investors own 52.69% of the company’s stock.

About iQIYI

iQIYI, Inc is a leading online entertainment service provider headquartered in Beijing, China, offering a comprehensive portfolio of streaming video content across multiple genres. The company operates a subscription-based video-on-demand (SVOD) platform, complemented by advertising-supported content (AVOD) and pay-per-view offerings. Its digital library encompasses original series, feature films, variety shows, animation and documentaries, catering to diverse demographic segments and viewer preferences.

Originally launched by Baidu in 2010 as an online video site, iQIYI was formally rebranded in early 2012 and has since expanded its footprint beyond China’s domestic market.