iQIYI (NASDAQ:IQ) Rating Lowered to “Strong Sell” at Zacks Research

iQIYI (NASDAQ:IQ) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday,Zacks.com reports.

Several other analysts also recently commented on the stock. Wall Street Zen downgraded shares of iQIYI from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of iQIYI in a report on Friday, March 27th. Benchmark reaffirmed a “hold” rating on shares of iQIYI in a report on Tuesday, May 19th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $2.22 price objective on shares of iQIYI in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.55.

iQIYI Price Performance

IQ stock opened at $1.08 on Wednesday. The firm’s fifty day simple moving average is $1.22 and its 200-day simple moving average is $1.64. The company has a market capitalization of $1.04 billion, a P/E ratio of -10.80 and a beta of 0.19. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.45 and a quick ratio of 0.45. iQIYI has a 12 month low of $1.03 and a 12 month high of $2.84.

Hedge Funds Weigh In On iQIYI

Several large investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its stake in shares of iQIYI by 2.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 366,300 shares of the company’s stock valued at $495,000 after purchasing an additional 8,900 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of iQIYI by 4.4% in the 1st quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company’s stock valued at $721,000 after purchasing an additional 22,662 shares during the period. Marshall Wace LLP lifted its stake in shares of iQIYI by 1,423.3% in the 4th quarter. Marshall Wace LLP now owns 2,811,044 shares of the company’s stock valued at $5,397,000 after purchasing an additional 2,626,502 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of iQIYI in the 4th quarter valued at $8,488,000. Finally, Parallel Advisors LLC lifted its stake in shares of iQIYI by 20.8% in the 4th quarter. Parallel Advisors LLC now owns 29,472 shares of the company’s stock valued at $57,000 after purchasing an additional 5,077 shares during the period. 52.69% of the stock is currently owned by institutional investors and hedge funds.

iQIYI Company Profile

iQIYI, Inc is a leading online entertainment service provider headquartered in Beijing, China, offering a comprehensive portfolio of streaming video content across multiple genres. The company operates a subscription-based video-on-demand (SVOD) platform, complemented by advertising-supported content (AVOD) and pay-per-view offerings. Its digital library encompasses original series, feature films, variety shows, animation and documentaries, catering to diverse demographic segments and viewer preferences.

Originally launched by Baidu in 2010 as an online video site, iQIYI was formally rebranded in early 2012 and has since expanded its footprint beyond China’s domestic market.