iQIYI (NASDAQ:IQ) Shares Down 4% – Here’s What Happened

iQIYI, Inc. (NASDAQ:IQ)’s stock price dropped 4% on Monday . The stock traded as low as $2.18 and last traded at $2.18. Approximately 3,990,498 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 12,740,189 shares. The stock had previously closed at $2.27.

Analyst Upgrades and Downgrades

Several research analysts have 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 for the company. in a report on Tuesday, August 27th. JPMorgan Chase & Co. lowered their price objective on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a research report on Friday, November 22nd. Benchmark reissued a “hold” rating on shares of iQIYI in a research report on Friday, November 22nd. Finally, Nomura Securities raised shares of iQIYI to a “hold” rating in a report on Monday, August 26th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat, iQIYI presently has a consensus rating of “Hold” and an average price target of $3.15.

iQIYI Stock Down 3.3 %

The business has a 50-day simple moving average of $2.34 and a two-hundred day simple moving average of $2.88. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 10.35, a PEG ratio of 0.60 and a beta of 0.02. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.45 and a current ratio of 0.45.

Institutional Investors Weigh In On iQIYI

A number of large investors have recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ purchased a new stake in iQIYI in the 2nd quarter valued at about $31,000. Ground Swell Capital LLC acquired a new stake in iQIYI during the 3rd quarter valued at $32,000. Flow Traders U.S. LLC purchased a new stake in shares of iQIYI during the third quarter worth about $32,000. Seven Eight Capital LP purchased a new stake in iQIYI during the 2nd quarter worth approximately $42,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in shares of iQIYI in the 2nd quarter valued at approximately $46,000. 52.69% of the stock is owned by institutional investors and hedge funds.

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.