IQIYI (NASDAQ:IQ) Shares Gap Up to $19.32

IQIYI Inc (NASDAQ:IQ) shares gapped up prior to trading on Thursday . The stock had previously closed at $18.67, but opened at $19.32. IQIYI shares last traded at $19.71, with a volume of 9,043,166 shares traded.

A number of research firms recently weighed in on IQ. Sanford C. Bernstein upgraded shares of IQIYI from an “underperform” rating to a “market perform” rating in a report on Thursday. Jefferies Financial Group started coverage on shares of IQIYI in a research note on Monday, August 5th. They issued a “buy” rating and a $21.80 price objective for the company. China Renaissance Securities reiterated a “hold” rating on shares of IQIYI in a research note on Tuesday, August 20th. KeyCorp started coverage on shares of IQIYI in a research note on Monday, July 29th. They issued a “sector weight” rating and a $21.00 price objective for the company. Finally, Credit Suisse Group lowered shares of IQIYI from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $21.40.

The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market cap of $13.09 billion, a PE ratio of -7.98 and a beta of 2.97. The company’s 50 day simple moving average is $17.87 and its 200 day simple moving average is $20.79.

IQIYI (NASDAQ:IQ) last posted its quarterly earnings data on Monday, August 19th. The company reported ($0.49) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.59) by $0.10. The firm had revenue of $7.11 billion during the quarter, compared to analyst estimates of $7.05 billion. IQIYI had a negative net margin of 38.28% and a negative return on equity of 60.21%. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.45) EPS. Equities research analysts expect that IQIYI Inc will post -1.91 earnings per share for the current year.

Several hedge funds have recently modified their holdings of IQ. WT Asset Management Ltd purchased a new stake in shares of IQIYI during the 1st quarter worth approximately $53,067,000. Bank of America Corp DE increased its stake in shares of IQIYI by 852.6% during the 2nd quarter. Bank of America Corp DE now owns 8,193,215 shares of the company’s stock worth $169,191,000 after purchasing an additional 7,333,157 shares during the last quarter. Morgan Stanley increased its stake in shares of IQIYI by 77.6% during the 2nd quarter. Morgan Stanley now owns 13,583,901 shares of the company’s stock worth $280,508,000 after purchasing an additional 5,934,451 shares during the last quarter. Matthews International Capital Management LLC increased its stake in shares of IQIYI by 119.6% during the 2nd quarter. Matthews International Capital Management LLC now owns 4,800,700 shares of the company’s stock worth $99,134,000 after purchasing an additional 2,615,000 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of IQIYI by 34.5% during the 2nd quarter. BlackRock Inc. now owns 8,151,127 shares of the company’s stock worth $168,321,000 after purchasing an additional 2,091,228 shares during the last quarter. Institutional investors own 23.27% of the company’s stock.

IQIYI Company Profile (NASDAQ:IQ)

iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand in China. It operates a platform that provides a collection of Internet video content, including professionally-produced content licensed from professional content providers and self-produced content.

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