E Fund Management Co. Ltd. lowered its holdings in iQIYI, Inc. (NASDAQ:IQ – Free Report) by 41.3% in the second quarter, Holdings Channel.com reports. The firm owned 1,935,502 shares of the company’s stock after selling 1,359,057 shares during the period. iQIYI accounts for 0.4% of E Fund Management Co. Ltd.’s investment portfolio, making the stock its 28th largest holding. E Fund Management Co. Ltd.’s holdings in iQIYI were worth $7,103,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Krane Funds Advisors LLC boosted its holdings in iQIYI by 2.5% in the fourth quarter. Krane Funds Advisors LLC now owns 19,194,425 shares of the company’s stock valued at $93,669,000 after acquiring an additional 467,032 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of iQIYI by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 17,756,701 shares of the company’s stock worth $86,653,000 after purchasing an additional 170,227 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of iQIYI by 18.9% during the second quarter. Federated Hermes Inc. now owns 16,057,035 shares of the company’s stock worth $58,929,000 after purchasing an additional 2,549,287 shares in the last quarter. Maple Rock Capital Partners Inc. lifted its stake in shares of iQIYI by 65.4% during the first quarter. Maple Rock Capital Partners Inc. now owns 10,320,000 shares of the company’s stock worth $43,654,000 after purchasing an additional 4,080,000 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of iQIYI during the fourth quarter worth about $49,853,000. Hedge funds and other institutional investors own 52.69% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have commented on the company. The Goldman Sachs Group cut iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price objective on the stock. in a research note on Tuesday, August 27th. Hsbc Global Res lowered iQIYI from a “hold” rating to a “moderate sell” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. dropped their target price on iQIYI from $5.00 to $3.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Nomura Securities raised iQIYI to a “hold” rating in a research report on Monday, August 26th. Finally, HSBC lowered iQIYI from a “hold” rating to a “reduce” rating and dropped their target price for the stock from $4.70 to $3.00 in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, iQIYI presently has a consensus rating of “Hold” and an average target price of $3.45.
iQIYI Stock Up 4.1 %
Shares of iQIYI stock opened at $2.05 on Wednesday. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.67. The firm has a market cap of $1.97 billion, a P/E ratio of 7.32, a P/E/G ratio of 0.46 and a beta of 0.05. iQIYI, Inc. has a fifty-two week low of $1.92 and a fifty-two week high of $5.80. The business has a 50-day moving average price of $2.88 and a 200 day moving average price of $3.82.
iQIYI (NASDAQ:IQ – Get Free Report) last announced its quarterly earnings data on Thursday, August 22nd. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.05). The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.02 billion. iQIYI had a net margin of 5.37% and a return on equity of 14.57%. During the same period in the prior year, the firm earned $0.05 earnings per share. On average, sell-side analysts forecast that iQIYI, Inc. will post 0.16 earnings per share for the current fiscal year.
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.
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