- The sell-off comes amid a lack of any headlines.
- Shares have more than doubled over the past month.
The Netflix of China is getting whacked (IQ)
iQiyi is trading down more than 11% Thursday. The sell-off appears to be technical as the weakness comes amid a lack of any headlines.
iQiyi, often referred to as the "Netflix of China," is taking it on the chin Thursday, trading down 11.47% at $39.13 per share.
Thursday's sell-off comes amid an absence of headlines, and may be related to some technical selling as shares have more than doubled over the past month. They closed at $20.26 apiece on May 21 and hit a high of $46.23 on June 19. Early weakness on Thursday broke the trendline from that rally, leading to a cascade of selling.
Fueling those gains has been a cult following from millennials. Data released Thursday by the free trading app Robinhood, which skews towards younger investors, shows iQiyi has moved to 24th place on the most-owned list among users. It wasn't even in the top 100 a month ago, the data showed.
iQiyi is up about 114% since going public on March 29.
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