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Why Has iQIYI Inc ADR’s (NASDAQ: IQ) Share Price Dropped So Much?

iQIYI Inc ADR (NASDAQ:IQ) price is hovering higher on Monday, November 20, jumping 4.23% above its previous close.

A look at today’s price movement shows that the recent level at last check reads $5.08, with intraday deals fluctuating between $4.945 and $5.155. The company’s 5Y monthly beta was ticking 0.56 while its P/E ratio in the trailing 12-month period read 40.92. Taking into account the 52-week price action we note that the stock hit a 52-week high of $7.99 and 52-week low of $2.33. The stock added 15.11% on its value in the past month.

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iQIYI Inc ADR, which has a market valuation of $2.77 billion, is expected to release its quarterly earnings report Nov 21, 2023.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give IQ a short term outlook of Hold on average. Looking at the stock’s medium term indicators we note that it is averaging as a 50% Sell, while an average of long term indicators are currently assigning the stock as Hold.

If we dive deeper into the stock’s performance we see the positive picture represented by the PEG ratio, currently standing at 9.26. The overview shows that IQ’s price is at present 8.98% off the SMA20 and 11.15% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 63.41, with weekly volatility standing at 4.49%. The indicator jumps to 4.77% when calculated based on the past 30 days. iQIYI Inc ADR (NASDAQ:IQ)’s beta value is holding at 0.58, while the average true range (ATR) indicator is currently reading 0.25.

Elsewhere in the market, the S&P 500 Index has rallied 0.42% in today’s early trading, with the Dow Jones Industrial also seeing a positive session on the day with 0.27%.

An analysis of the iQIYI Inc ADR (NASDAQ:IQ) stock in terms of its daily trading volume indicates that the 3-month average is 7.72 million. However, this figure increases on the past 10-day timeline to an average of 7.9 million.

Current records show that the company has 522.25M in outstanding shares. The insiders’ percentage holdings are 0.00% of outstanding shares while the percentage share held by institutions stands at 58.60%. The stats also highlight that short interest as of Oct 30, 2023, stood at 50.77 million shares, which puts the short ratio at the time at 7.15. From this we can glean that short interest is 5.31% of company’s current outstanding shares. Notably, we see that shares short in October fall slightly given the previous month’s figure stood at 53.56 million. But the -0.09% downside, the stock’s price has registered year-to-date as of today’s value, will likely reignite investor interest given the prospect of it rallying even higher.