D.A. Davidson & CO. purchased a new position in shares of iQIYI, Inc (NASDAQ:IQ) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 9,294 shares of the company’s stock, valued at approximately $300,000.
Several other hedge funds have also modified their holdings of IQ. BB&T Securities LLC acquired a new position in shares of iQIYI in the first quarter valued at $171,000. Kovack Advisors Inc. acquired a new position in shares of iQIYI in the second quarter valued at $220,000. Levin Capital Strategies L.P. acquired a new position in shares of iQIYI in the first quarter valued at $233,000. Janney Montgomery Scott LLC acquired a new position in shares of iQIYI in the second quarter valued at $246,000. Finally, Sheaff Brock Investment Advisors LLC acquired a new position in shares of iQIYI in the second quarter valued at $252,000. Institutional investors own 11.51% of the company’s stock.
iQIYI stock opened at $26.02 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. iQIYI, Inc has a 52-week low of $15.30 and a 52-week high of $46.23.
Several research analysts have issued reports on IQ shares. Bank of America increased their price objective on iQIYI from $35.50 to $41.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 1st. Zacks Investment Research upgraded iQIYI from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Saturday, August 4th. Goldman Sachs Group started coverage on iQIYI in a research note on Tuesday, May 8th. They set a “buy” rating and a $23.00 price objective for the company. Credit Suisse Group lowered iQIYI from an “outperform” rating to a “neutral” rating in a research note on Wednesday, August 1st. Finally, Citigroup started coverage on iQIYI in a research note on Tuesday, April 24th. They set a “buy” rating and a $22.00 price objective for the company. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $30.00.
iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand name 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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