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Shares of iQIYI (NASDAQ:IQ) plunge after analyst downgrade


JPMorgan Chase & Co. lowered their price objective on iQIYI, Inc. (NASDAQ: IQ) before trading on Wednesday from $7.00 to $6.00, causing a gap down. The shares closed yesterday at $3.33 and opened today at $3.17. iQIYI shares were last traded for $3.04 on a volume of 259,653 shares.

The company has been the subject of research studies from other stock analysts. Macquarie published a research report on iQIYI on Tuesday, August 23, which was the first to do so. The company received an “underperform” rating from them, with a $2.80 price target. The Goldman Sachs Group lowered their price target for iQIYI from $5.10 to $4.40 and rated the stock as “neutral” in a research note released on November 23. In a research study published on November 23, Morgan Stanley raised their price estimate for iQIYI from $2.50 to $2.70. UBS Group research analysts upgraded iQIYI’s recommendation from “neutral” to “buy” on Thursday, September 1, and set a $4.80 price objective for the stock. Finally, Nomura decreased their price objective for iQIYI from $3.90 to $2.60 in a research report released on November 24. The stock has received buy recommendations from four research analysts, a hold recommendation from one analyst, and sell recommendations from two experts. According to information from Bloomberg.com, the company has an average price target of $3.99 and an average recommendation of “Hold.”
Institutional investors and hedge funds’ current ownership stakes in the company have lately altered. Point72 Hong Kong Ltd. invested $7,409,000 in iQIYI during the third quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in iQIYI by 33.2% during the second quarter. With a total holding of $10,965,510, or $46,055,000, the Healthcare of Ontario Pension Plan Trust Fund now owns 2,731,725 more shares in the company than it did a quarter ago. Renaissance Technologies LLC boosted its stake in iQIYI shares by 254.2% during the second quarter. Renaissance Technologies LLC now owns 3,345,800 of the business’s stock, worth $14,052,000, after acquiring an additional 2,401,100 shares in the last quarter. National Bank of Canada grew its holdings in iQIYI shares by 109.4% during the second quarter. National Bank of Canada FI now directly owns 2,375,975 shares of the company’s stock, valued at $9,979,000, after acquiring an additional 2,373,800 shares over the past quarter. Finally, during the second quarter, Harvest Fund Management Co. Ltd. added fresh shares of iQIYI to its portfolio, totaling approximately $7,980,000. Institutional investors own 44.85% of the stock.
The company’s debt-to-equity ratio is 1.17, its current ratio is 0.37, and its quick ratio is 0.37. The company’s 50-day and 200-day moving averages are $2.50 and $3.43, respectively. It has a market capitalization of $2.53 billion, a PE ratio of -7.93, and a beta of 0.83, and all of these metrics are negative.

In the People’s Republic of China, iQIYI, Inc. and its subsidiaries provide online entertainment services under the iQIYI brand. In addition, the company offers a wide range of other products and services in addition to social networking platforms, online video, online gaming, live streaming, online literature, animations, and e-commerce.



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