BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases Shares of 58,000 IQIYI Inc (IQ)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in IQIYI Inc (NASDAQ:IQ) during the 1st quarter, HoldingsChannel reports. The firm bought 58,000 shares of the company’s stock, valued at approximately $1,387,000.
Other institutional investors have also recently bought and sold shares of the company. Elephas Investment Management Ltd grew its position in shares of IQIYI by 696.2% in the fourth quarter. Elephas Investment Management Ltd now owns 424,400 shares of the company’s stock valued at $6,311,000 after purchasing an additional 371,100 shares during the last quarter. Totem Point Management LLC acquired a new position in shares of IQIYI in the fourth quarter valued at approximately $5,178,000. Moors & Cabot Inc. grew its position in shares of IQIYI by 123.5% in the first quarter. Moors & Cabot Inc. now owns 44,700 shares of the company’s stock valued at $1,072,000 after purchasing an additional 24,700 shares during the last quarter. LMR Partners LLP grew its position in shares of IQIYI by 46.0% in the fourth quarter. LMR Partners LLP now owns 255,520 shares of the company’s stock valued at $3,800,000 after purchasing an additional 80,520 shares during the last quarter. Finally, Gateway Advisory LLC acquired a new position in shares of IQIYI in the first quarter valued at approximately $239,000. 19.69% of the stock is currently owned by institutional investors.
Several research firms have recently commented on IQ. HSBC decreased their target price on IQIYI from $25.00 to $24.00 and set a “hold” rating on the stock in a research report on Tuesday, April 2nd. Tigress Financial began coverage on IQIYI in a research report on Friday, March 15th. They issued a “buy” rating on the stock. New Street Research raised IQIYI from a “neutral” rating to a “buy” rating in a research report on Friday, February 22nd. Zacks Investment Research raised IQIYI from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Tuesday, May 28th. Finally, ValuEngine downgraded IQIYI from a “buy” rating to a “hold” rating in a research report on Monday, February 4th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $28.33.
IQIYI (NASDAQ:IQ) last issued its quarterly earnings results on Thursday, May 16th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.52) by $0.17. The business had revenue of $6.99 billion for the quarter, compared to the consensus estimate of $6.89 billion. IQIYI had a negative return on equity of 52.01% and a negative net margin of 38.72%. The firm’s quarterly revenue was up 43.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.31) earnings per share. On average, analysts anticipate that IQIYI Inc will post -1.38 EPS for the current fiscal year.
iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand in China. It operates a platform that provides a collection of Internet video content, including professionally-produced content licensed from professional content providers and self-produced content.
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