AQR Capital Management LLC bought a new position in shares of IQIYI Inc (NASDAQ:IQ) during the second quarter, Holdings Channel.com reports. The fund bought 12,328 shares of the company’s stock, valued at approximately $255,000.
Several other hedge funds have also bought and sold shares of the stock. WT Asset Management Ltd acquired a new position in IQIYI in the 1st quarter valued at $53,067,000. Korea Investment CORP acquired a new position in IQIYI in the 2nd quarter valued at $543,000. LPL Financial LLC grew its holdings in IQIYI by 6.5% in the 2nd quarter. LPL Financial LLC now owns 116,803 shares of the company’s stock valued at $2,412,000 after buying an additional 7,103 shares in the last quarter. Aperio Group LLC acquired a new position in IQIYI in the 2nd quarter valued at $419,000. Finally, Ardevora Asset Management LLP grew its holdings in 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 buying an additional 500,919 shares in the last quarter. 23.28% of the stock is currently owned by institutional investors and hedge funds.
IQ has been the topic of a number of research reports. China Renaissance Securities reaffirmed a “hold” rating on shares of IQIYI in a report on Tuesday, August 20th. Sanford C. Bernstein raised IQIYI from an “underperform” rating to a “market perform” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. initiated coverage on IQIYI in a report on Friday, August 16th. They issued an “underweight” rating and a $14.00 price objective on the stock. Jefferies Financial Group initiated coverage on IQIYI in a report on Monday, August 5th. They issued a “buy” rating and a $21.80 price objective on the stock. Finally, ValuEngine raised IQIYI from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $21.40.
IQIYI (NASDAQ:IQ) last released its earnings results on Monday, August 19th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.10. The company had revenue of $7.11 billion for the quarter, compared to analyst estimates of $7.05 billion. IQIYI had a negative return on equity of 60.21% and a negative net margin of 38.28%. IQIYI’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.45) EPS. On average, research analysts predict that IQIYI Inc will post -1.95 earnings per share 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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