Billionaire David Tepper is Selling These 5 Stocks

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In this article, we discuss the 5 stocks Billionaire David Tepper is selling. If you wish to see our detailed analysis of Tepper’s history, investment philosophy, and hedge fund performance, go directly to Billionaire David Tepper is Selling These 10 Stocks.

5. iQIYI, Inc. (NASDAQ:IQ)

Number of Hedge Fund Holders: 27

iQIY, Inc. (NASDAQ:IQ) is a leading movie and video streaming platform, providing entertainment services alongside its subsidiaries. The company is ranked fifth on the list of the 10 stocks David Tepper is selling.

Appaloosa Management had sold off its entire stake in iQIYA, Inc. (NASDAQ:IQ) in the second quarter.

On August 12, iQIYI, Inc. (NASDAQ:IQ) announced earnings for the second quarter of 2021. It declared earnings per share of -$0.27, beating the estimates by $0.05. However, revenue for the quarter was $1.2 billion, missing market predictions by $50 million. At the end of the second quarter of 2021, 27 hedge funds in the database of Insider Monkey held stakes worth $1.09 billion in iQIYI, Inc. (NASDAQ:IQ). This is compared to 40 hedge funds in the preceding quarter with stakes worth approximately $1.36 billion.

On August 13, KeyBanc analyst Hans Chung lowered his price target on iQIYI, Inc. (NASDAQ:IQ) to $19 from $26 and maintained an “Overweight” rating on the shares.

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