IQIYI (IQ) Shares Gap Down to $19.64

IQIYI Inc (NASDAQ:IQ)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $19.81, but opened at $19.64. IQIYI shares last traded at $22.08, with a volume of 316289 shares.

IQ has been the subject of a number of recent research reports. Bank of America lifted their price objective on shares of IQIYI from $35.50 to $41.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised shares of IQIYI from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Saturday, August 4th. Credit Suisse Group raised shares of IQIYI from a “neutral” rating to an “outperform” rating in a research note on Wednesday. Jefferies Financial Group initiated coverage on shares of IQIYI in a research note on Monday, October 8th. They issued a “buy” rating and a $33.00 price objective for the company. Finally, CLSA initiated coverage on shares of IQIYI in a research note on Tuesday, September 4th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. IQIYI presently has a consensus rating of “Hold” and a consensus price target of $30.60.

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31.

IQIYI (NASDAQ:IQ) last released its quarterly earnings results on Tuesday, July 31st. The company reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($2.30) by $1.85. The firm had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.26 billion. The firm’s revenue was up 42.6% on a year-over-year basis. On average, sell-side analysts anticipate that IQIYI Inc will post -1.48 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in IQ. BlackRock Inc. purchased a new position in shares of IQIYI during the 1st quarter worth about $1,708,000. Millennium Management LLC purchased a new position in shares of IQIYI during the 1st quarter worth about $14,850,000. Legal & General Group Plc purchased a new position in shares of IQIYI during the 1st quarter worth about $7,005,000. Confluence Investment Management LLC purchased a new position in shares of IQIYI during the 2nd quarter worth about $256,000. Finally, Bank of Montreal Can purchased a new position in shares of IQIYI during the 2nd quarter worth about $4,897,000. 5.63% of the stock is owned by hedge funds and other institutional investors.

About IQIYI (NASDAQ:IQ)

iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand name 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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