The Netflix of China hits a one-month low


Shares of iQiyi, one of China’s streaming giants, hit a one-month low of $US28.96 apiece Friday morning. It’s down more than 2% on the day.

On June 22, shares tumbled into a bear market. The drop appeared to have been related to technical weakness. Selling pushed prices below the trendline that was in place from the rally that occurred from May 21 to June 19. Over that time, shares more than doubled in value. The so-called Netflix of China has slumped nearly 35% since hitting its peak of $US46.23 a share on June 19.

Still, millennials are liking the stock. Data from Robinhood, the free trading app popular amongst millennials, shows iQiyi moved up one spot 25th place in the most-owned stocks on the app. Users added 1,765 more positions over the past week through Thursday.

iQiyi is up 68% since its March initial public offering.

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