Garden State Investment Advisory Services LLC Acquires Shares of 292,065 iQIYI, Inc. (NASDAQ:IQ)

Garden State Investment Advisory Services LLC acquired a new stake in shares of iQIYI, Inc. (NASDAQ:IQ) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 292,065 shares of the company’s stock, valued at approximately $835,000.

Other institutional investors also recently modified their holdings of the company. Genesis Investment Management LLP lifted its position in iQIYI by 112.1% in the 3rd quarter. Genesis Investment Management LLP now owns 16,582,183 shares of the company’s stock valued at $47,425,000 after acquiring an additional 8,765,711 shares in the last quarter. Quarry LP purchased a new position in shares of iQIYI during the second quarter valued at approximately $18,075,000. Federated Hermes Inc. grew its holdings in 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 buying an additional 2,549,287 shares in the last quarter. Monolith Management Ltd purchased a new stake in iQIYI in the 3rd quarter valued at $4,576,000. Finally, The Manufacturers Life Insurance Company lifted its stake in iQIYI by 185.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,126,099 shares of the company’s stock valued at $7,803,000 after acquiring an additional 1,381,265 shares in the last quarter. 52.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IQ has been the subject of several recent analyst reports. JPMorgan Chase & Co. reduced their target price on iQIYI from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Friday, November 22nd. Benchmark restated a “hold” rating on shares of iQIYI in a research note on Friday, November 22nd. Nomura Securities upgraded iQIYI to a “hold” rating in a research note on Monday, August 26th. Finally, The Goldman Sachs Group lowered shares of iQIYI from a “buy” rating to a “neutral” rating and set a $2.80 price target for the company. in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $3.15.

iQIYI Price Performance

Shares of IQ traded down $0.12 during midday trading on Friday, hitting $2.17. 4,956,629 shares of the company traded hands, compared to its average volume of 12,616,780. iQIYI, Inc. has a one year low of $1.89 and a one year high of $5.80. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a market cap of $2.08 billion, a P/E ratio of 11.45, a PEG ratio of 0.60 and a beta of 0.02. The stock has a 50-day moving average of $2.39 and a 200-day moving average of $2.95.

iQIYI Profile

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.