iQIYI (NASDAQ:IQ) Sees Strong Trading Volume – Time to Buy?

Shares of iQIYI, Inc. (NASDAQ:IQ) saw unusually-high trading volume on Thursday . Approximately 39,137,721 shares changed hands during trading, an increase of 122% from the previous session’s volume of 17,594,195 shares.The stock last traded at $2.39 and had previously closed at $2.24.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. HSBC upgraded shares of iQIYI from a “reduce” rating to a “hold” rating and set a $2.15 price objective on the stock in a research report on Thursday, January 16th. OTR Global reaffirmed a “negative” rating on shares of iQIYI in a report on Wednesday, January 8th. Citigroup decreased their price objective on iQIYI from $3.00 to $2.80 and set a “buy” rating for the company in a report on Thursday, January 16th. Benchmark restated a “hold” rating on shares of iQIYI in a research report on Wednesday, February 19th. Finally, Hsbc Global Res upgraded iQIYI from a “moderate sell” rating to a “hold” rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.91.

iQIYI Stock Up 7.8 %

The stock has a 50 day moving average price of $2.24 and a 200 day moving average price of $2.27. The company has a market cap of $2.32 billion, a P/E ratio of 24.05, a P/E/G ratio of 4.13 and a beta of 0.05. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.45 and a current ratio of 0.44.

iQIYI (NASDAQ:IQ) last announced its quarterly earnings data on Tuesday, February 18th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. iQIYI had a net margin of 2.62% and a return on equity of 7.62%. The company had revenue of $919.56 million for the quarter, compared to analysts’ expectations of $6.62 billion. Research analysts expect that iQIYI, Inc. will post 0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On iQIYI

A number of institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its position in iQIYI by 738.1% during the 3rd quarter. FMR LLC now owns 137,793 shares of the company’s stock worth $394,000 after acquiring an additional 121,352 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of iQIYI by 77.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,871,931 shares of the company’s stock valued at $5,354,000 after buying an additional 815,226 shares during the period. Flow Traders U.S. LLC acquired a new stake in shares of iQIYI during the 3rd quarter valued at $32,000. Atom Investors LP purchased a new position in shares of iQIYI during the 3rd quarter valued at $318,000. Finally, Garden State Investment Advisory Services LLC purchased a new stake in shares of iQIYI during the 3rd quarter worth about $835,000. Hedge funds and other institutional investors own 52.69% of the company’s stock.

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.