The Netflix of China is getting whacked

Markets Insider

• iQiyi is trading down more than 11% Thursday.
• The sell-off comes amid a lack of any headlines.
• Shares have more than doubled over the past month.
• Watch iQiyi trade in real time here.

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.

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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.