Shares of iQIYI, Inc. (NASDAQ:IQ) experienced a modest increase of 1.6% during trading on Monday, reaching a high of $1.95 before closing at $1.94. This uptick occurred despite a substantial decline in trading volume, with 4,177,382 shares exchanged—down 67% from the average session volume of 12,478,852 shares. The stock had closed the previous session at $1.91.
Analyst Ratings and Market Predictions
Market analysts continue to weigh in on iQIYI’s performance. On December 22, 2023, Weiss Ratings reaffirmed a “sell (d)” rating on the stock. In contrast, Morgan Stanley set a price target of $2.10 in a report dated November 19, 2023. Currently, three research analysts have assigned a Buy rating to iQIYI, while three others have issued a Hold rating. Two analysts have recommended a Sell rating. According to data from MarketBeat, iQIYI holds a consensus rating of “Hold” with an average price target of $2.57.
Institutional Investment Trends
Recent trading activity has also seen significant movements among institutional investors. For instance, UBS Asset Management significantly increased its stake in iQIYI by 393.4% during the first quarter, acquiring an additional 1,716,011 shares and bringing its total holdings to 2,152,263 shares, valued at approximately $4.86 million.
Additionally, Nomura Holdings Inc. expanded its investment by 461.7%, acquiring 1,326,830 shares to hold a total of 1,614,192 shares, valued at around $3.65 million. HighTower Advisors LLC also increased its position by 102.3%, now owning 15,639 shares valued at $35,000.
Other notable investments include SG Americas Securities LLC, which raised its stake by 33.0%, and Invesco Ltd., which enhanced its holdings by 50.0%. Overall, institutional investors and hedge funds currently own 52.69% of iQIYI’s stock.
Founded in 2010 and headquartered in Beijing, China, iQIYI is a prominent online entertainment service provider. The company offers a diverse range of streaming video content, including original series, films, variety shows, and documentaries. Its platform operates on a subscription-based model while also providing advertising-supported and pay-per-view options. Originally launched by Baidu, iQIYI has expanded beyond the domestic market, establishing a significant presence in the global digital entertainment landscape.
