The Netflix of China is getting whacked (IQ)

pulse

June 21, 2018 5:44 PM

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.

The sell-off comes amid a lack of any headlines.
Shares have more than doubled over the past month.

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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