Myriad Asset Management Ltd. boosted its position in shares of IQIYI Inc (NASDAQ:IQ) by 105.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 174,815 shares of the company’s stock after buying an additional 89,915 shares during the quarter. Myriad Asset Management Ltd.’s holdings in IQIYI were worth $3,609,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of IQ. WT Asset Management Ltd acquired a new position in IQIYI during the 1st quarter worth $53,067,000. Matthews International Capital Management LLC lifted its holdings in IQIYI by 119.6% during the 2nd quarter. Matthews International Capital Management LLC now owns 4,800,700 shares of the company’s stock worth $99,134,000 after buying an additional 2,615,000 shares in the last quarter. Ward Ferry Management BVI Ltd lifted its holdings in IQIYI by 56.0% during the 1st quarter. Ward Ferry Management BVI Ltd now owns 2,725,300 shares of the company’s stock worth $65,189,000 after buying an additional 978,200 shares in the last quarter. Ariose Capital Management Ltd acquired a new position in shares of IQIYI in the 2nd quarter valued at $12,261,000. Finally, Ardevora Asset Management LLP lifted its stake in shares of IQIYI by 32.5% in the 2nd quarter. Ardevora Asset Management LLP now owns 2,039,930 shares of the company’s stock valued at $42,125,000 after purchasing an additional 500,919 shares during the period. 20.24% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently weighed in on the company. Zacks Investment Research downgraded IQIYI from a “hold” rating to a “sell” rating in a research note on Wednesday. China Renaissance Securities reissued a “hold” rating on shares of IQIYI in a research note on Tuesday, August 20th. Credit Suisse Group downgraded IQIYI from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. assumed coverage on IQIYI in a research note on Friday, August 16th. They issued an “underweight” rating and a $14.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on IQIYI in a research note on Monday, August 5th. They issued a “buy” rating and a $21.80 price target on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $21.40.
IQIYI (NASDAQ:IQ) last posted its quarterly earnings results on Monday, August 19th. The company reported ($0.49) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.59) by $0.10. The company had revenue of $7.11 billion for the quarter, compared to the consensus estimate of $7.05 billion. IQIYI had a negative return on equity of 60.21% and a negative net margin of 38.28%. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.45) EPS. As a group, sell-side analysts forecast that IQIYI Inc will post -1.91 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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