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Should You Buy Shares of This Beaten-Down Tech Stock?

TheMotleyFool

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Should You Buy Shares of This Beaten-Down Tech Stock?

Once deemed the Netflix of China, iQiyi (NASDAQ: IQ) hasn't lived up to the expectations that come with that flattering title, at least not in the past couple of years. Even as streaming services saw a boost in viewership amid the pandemic, iQiyi's stock underperformed the broader market last year. Things have been even worse for the tech company since January.

Shares of iQiyi have dropped by more than 75% this year. If there is a rebound in the cards, this presents a wonderful opportunity to scoop up its shares on the dip -- at less than a third of its initial public offering price. Let's look into iQiyi's business and decide whether it is worth jumping aboard this ship right now.