Zacks Research upgraded shares of iQIYI (NASDAQ:IQ – Free Report) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks.com reports.
Several other analysts have also recently commented on the stock. Wall Street Zen cut shares of iQIYI from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Weiss Ratings reiterated a “sell (d)” rating on shares of iQIYI in a research note on Wednesday, June 24th. Finally, Benchmark reiterated a “hold” rating on shares of iQIYI in a research report on Tuesday, May 19th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.55.
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iQIYI Trading Up 1.6%
Institutional Investors Weigh In On iQIYI
A number of hedge funds and other institutional investors have recently made changes to their positions in IQ. Parallel Advisors LLC lifted its holdings in shares of iQIYI by 20.8% during the 4th quarter. Parallel Advisors LLC now owns 29,472 shares of the company’s stock valued at $57,000 after buying an additional 5,077 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of iQIYI by 2.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 366,300 shares of the company’s stock valued at $495,000 after buying an additional 8,900 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in iQIYI by 4.4% in the first quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock worth $721,000 after buying an additional 22,662 shares during the last quarter. Catalyst Funds Management Pty Ltd acquired a new position in iQIYI in the fourth quarter worth approximately $1,205,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in iQIYI by 393.4% in 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 worth $4,864,000 after buying an additional 1,716,011 shares during the last quarter. 52.69% of the stock is owned by hedge funds and other institutional investors.
iQIYI Company Profile
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.
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