Short Interest in iQIYI, Inc. (NASDAQ:IQ) Decreases By 18.5%

iQIYI, Inc. (NASDAQ:IQ - Get Free Report) experienced a noticeable decline in short interest for the month of January. By January 31st, the total short interest amounted to 33,470,000 shares, which represents a significant decrease of 18.5% from the 41,060,000 shares reported on January 15th. Given an average daily trading volume of 21,660,000 shares, the current days-to-cover ratio stands at 1.5 days. This indicates that about 6.4% of the company's total shares are currently sold short.

Analysts Set New Price Targets

Recently, several equity research analysts have provided their evaluations of iQIYI. In a research note dated January 16th, HSBC Global Research elevated its rating on iQIYI from "moderate sell" to "hold" and proposed a target price of $2.15 for the stock. On January 24th, Benchmark reaffirmed a "hold" rating on iQIYI shares. Meanwhile, on January 8th, OTR Global reiterated a "negative" rating, and Citigroup reduced its price target from $3.00 to $2.80 while maintaining a "buy" rating. Overall, one analyst has classified the stock as a sell, six analysts have designated it as a hold, and one analyst has given it a buy rating. The consensus rating for iQIYI among analysts is "Hold," with an average target price set at $2.91.

iQIYI Stock Performance

On Monday, NASDAQ IQ saw a modest rise of $0.02, reaching a price of $2.54. A total of 37,883,172 shares changed hands, in contrast to the average volume of 24,730,406 shares. iQIYI's debt-to-equity ratio is reported at 0.65, with a current ratio and a quick ratio both standing at 0.45. The company's 50-day moving average price is $2.13, while its 200-day moving average price is $2.36. Over the past year, the stock hit a low of $1.82 and a high of $5.80. iQIYI has a market capitalization of $2.44 billion, a price-to-earnings ratio of 12.70, and a P/E/G ratio of 3.76, with a beta factor of 0.03.

Institutional Investors Weigh In On iQIYI

A number of institutional investors have also adjusted their stakes in iQIYI recently. Woodline Partners LP acquired a new position during the fourth quarter, valued at roughly $6,818,000. Similarly, Vident Advisory LLC bought a new stake worth approximately $33,000, while LMR Partners LLP invested about $237,000. Additionally, Lighthouse Investment Partners LLC obtained a new investment estimated at $1,410,000, and Brevan Howard Capital Management LP increased its stake by an impressive 272.1%, now owning 670,146 shares valued at approximately $1,347,000 after acquiring an additional 490,046 shares last quarter. It is noteworthy that hedge funds and other institutional investors collectively hold 52.69% of iQIYI's shares.

About iQIYI

iQIYI, Inc., along with its subsidiaries, offers a range of online entertainment video services primarily in the People's Republic of China. The company provides several products and services, including online video, online games, online literature, animations, and more. iQIYI operates a platform featuring a diverse array of internet video content, comprising both professionally produced material licensed from various providers and self-produced content.

iQIYI, short, stocks