Chinese online entertainment leader iQIYI Inc (NASDAQ: IQ) had a fairly forgettable time in the markets last week and ended up with a decline of as much as 16% for the period.
Trading Data
On Friday, IQ stock jumped 2.34% to close at $3.50 with more than 12.11 million shares traded, compared to its average volume of 10.15 million shares. The stock has moved within a range of $3.2650 – 3.5100 after opening trading at $3.42.
iQIYI Produces Test Films via Virtual Production, Leveraging Digital Assets in Content Strategy
In light of such a sharp decline, it may be a good idea for investors to figure out if the decline is going to continue or if the stock is going to make a recovery this week. In this situation, it may be a good time to look into the announcement that was made by the company last week on January 26.
The company announced that it had been successful in completing the production of a pair of test 4K films. The films were products in the self-built production studio that iQIYI owns.
It goes without saying that the announcement was a significant one from the company but it did not quite lead to any move in the stock last week. It is now going to be interesting to see if investors feel bullish about the development this week or not. It may be a good idea to keep the stock on your watch lists today and watch out for any moves.
Key Quote
ZHU Liang, Vice President of iQIYI and Head of Intelligent Production, points out that “Since the virtual set can be used repeatedly, it hugely reduces the cost related to building physical sets and allows for infinite possibilities, as the set can be used for a variety of productions, such as virtual performance, games, murder mystery games, metaverse and others.”
Technical Data
IQ stock is trading below the 20-Day and 500-Day Moving averages of $4.33 and $5.01 respectively. Moreover, the stock is trading below the 200-Day moving average of $9.85.
