Stride (NYSE:LRN) Shares Gap Down – Here’s What Happened

by · The Markets Daily

Stride, Inc. (NYSE:LRN – Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $70.59, but opened at $68.97. Stride shares last traded at $69.22, with a volume of 741,917 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on LRN shares. Canaccord Genuity Group initiated coverage on shares of Stride in a research report on Thursday, August 8th. They set a “buy” rating and a $94.00 target price on the stock. BMO Capital Markets boosted their target price on Stride from $79.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. StockNews.com raised Stride from a “hold” rating to a “buy” rating in a research note on Friday, August 9th. Citigroup lowered shares of Stride from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $77.00 to $90.00 in a research note on Tuesday, August 20th. Finally, Canaccord Genuity Group initiated coverage on shares of Stride in a research note on Thursday, August 8th. They issued a “buy” rating and a $94.00 target price for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $85.83.

View Our Latest Research Report on LRN

Stride Stock Up 2.5 %

The firm has a market capitalization of $2.84 billion, a P/E ratio of 15.41, a PEG ratio of 0.74 and a beta of 0.26. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.95 and a current ratio of 5.10. The firm’s 50-day moving average is $80.17 and its 200 day moving average is $72.34.

Stride (NYSE:LRN – Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.15. Stride had a return on equity of 19.12% and a net margin of 10.01%. The company had revenue of $534.18 million during the quarter, compared to analysts’ expectations of $525.89 million. During the same period in the prior year, the firm earned $1.01 earnings per share. Stride’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, equities research analysts predict that Stride, Inc. will post 5.05 EPS for the current fiscal year.

Institutional Trading of Stride

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of Stride by 25.9% in the first quarter. GAMMA Investing LLC now owns 1,372 shares of the company’s stock valued at $87,000 after acquiring an additional 282 shares during the last quarter. Contravisory Investment Management Inc. bought a new stake in shares of Stride during the 1st quarter worth approximately $249,000. Allspring Global Investments Holdings LLC grew its stake in shares of Stride by 4.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 29,018 shares of the company’s stock valued at $1,830,000 after buying an additional 1,287 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Stride by 5.2% in the first quarter. Principal Financial Group Inc. now owns 231,274 shares of the company’s stock valued at $14,582,000 after buying an additional 11,495 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Stride by 17.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,262 shares of the company’s stock worth $1,971,000 after buying an additional 4,546 shares during the last quarter. Institutional investors own 98.24% of the company’s stock.

About Stride

(Get Free Report)

Stride, Inc, a technology-based education service company, engages in the provision of proprietary and third-party online curriculum, software systems, and educational services in the United States and internationally. Its technology-based products and services enable clients to attract, enroll, educate, track progress, support, and facilitate individualized learning for students.

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