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.

Shares of NASDAQ:IQ opened at $18.23 on Friday. The company has a market cap of $13.86 billion, a P/E ratio of -7.38 and a beta of 3.24. IQIYI Inc has a 1 year low of $14.35 and a 1 year high of $46.23. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.24 and a current ratio of 1.24.

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.

TRADEMARK VIOLATION WARNING: “BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases Shares of 58,000 IQIYI Inc (IQ)” was first published by Watch List News and is owned by of Watch List News. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of U.S. & international copyright law. The original version of this piece of content can be accessed at https://www.watchlistnews.com/british-columbia-investment-management-corp-purchases-shares-of-58000-iqiyi-inc-iq/3029032.html.

About IQIYI

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.

Read More: Call Option Volume

Want to see what other hedge funds are holding IQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IQIYI Inc (NASDAQ:IQ).

Institutional Ownership by Quarter for IQIYI (NASDAQ:IQ)

Receive News & Ratings for IQIYI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IQIYI and related companies with MarketBeat.com's FREE daily email newsletter.