Shares of iQIYI, Inc. (NASDAQ: IQ) increased by 1.6% during trading on Monday, closing at $1.94, up from a previous close of $1.91. The stock reached a high of $1.95 during the session, with a total of 4,177,382 shares exchanged. This volume reflects a significant decline of 67% from the average trading volume of 12,478,852 shares.
Analyst Outlook
Several research analysts have recently provided insights into the company’s stock performance. On December 22, 2023, Weiss Ratings reaffirmed a “sell (d)” rating for iQIYI shares. In contrast, Morgan Stanley set a price target of $2.10 on November 19, 2023. Overall, opinions among analysts vary, with three issuing a Buy rating, three a Hold rating, and two a Sell rating. According to MarketBeat, the consensus rating for iQIYI stock is currently “Hold,” with an average price target of $2.57.
Institutional Investment Activity
Recent trading activity has also seen significant changes in institutional holdings of iQIYI. UBS Asset Management Americas LLC increased its stake in the company by 393.4% in the first quarter, acquiring an additional 1,716,011 shares to total 2,152,263 shares valued at approximately $4.86 million. Similarly, Nomura Holdings Inc. raised its holdings by 461.7%, now owning 1,614,192 shares valued at around $3.65 million.
HighTower Advisors LLC and SG Americas Securities LLC also boosted their positions, with HighTower increasing its stake by 102.3%, now holding 15,639 shares, and SG Americas raising its holdings by 33.0%, totaling 1,571,432 shares worth about $2.78 million. Overall, institutional investors and hedge funds currently own 52.69% of the company’s stock.
Company Overview
Founded in 2010 and headquartered in Beijing, China, iQIYI is a leading online entertainment service provider. The company offers a diverse range of streaming video content through a subscription-based video-on-demand (SVOD) platform, alongside advertising-supported content (AVOD) and pay-per-view options. Its extensive digital library includes original series, feature films, variety shows, animation, and documentaries, appealing to a wide range of demographic segments.
As iQIYI continues to navigate the competitive streaming landscape, its stock performance and institutional interest reflect ongoing investor sentiment and market dynamics.
