Point72 Asset Management L.P. Purchases 138,054 Shares of Stride, Inc. (NYSE:LRN)

Point72 Asset Management L.P. grew its stake in Stride, Inc. (NYSE:LRN - Free Report) by 187.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,627 shares of the company's stock after acquiring an additional 138,054 shares during the period. Point72 Asset Management L.P. owned 0.49% of Stride worth $18,054,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of LRN. nVerses Capital LLC bought a new stake in Stride during the second quarter worth $78,000. Mendota Financial Group LLC acquired a new position in shares of Stride during the 3rd quarter worth about $86,000. GAMMA Investing LLC increased its stake in shares of Stride by 45.3% during the 3rd quarter. GAMMA Investing LLC now owns 2,061 shares of the company's stock worth $176,000 after purchasing an additional 643 shares during the last quarter. Central Pacific Bank Trust Division raised its holdings in shares of Stride by 24.2% in the 3rd quarter. Central Pacific Bank Trust Division now owns 2,153 shares of the company's stock valued at $184,000 after purchasing an additional 420 shares during the period. Finally, Retirement Guys Formula LLC acquired a new stake in Stride in the 3rd quarter valued at about $203,000. Institutional investors and hedge funds own 98.24% of the company's stock.

Insider Activity

In other news, Director Todd Goldthwaite sold 8,028 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $91.54, for a total transaction of $734,883.12. Following the sale, the director now directly owns 85,058 shares of the company's stock, valued at approximately $7,786,209.32. This represents a 8.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.00% of the stock is owned by company insiders.

Stride Stock Performance

LRN stock traded down $0.10 during trading hours on Friday, hitting $110.44. 510,290 shares of the stock were exchanged, compared to its average volume of 629,922. The company has a 50-day simple moving average of $91.66 and a two-hundred day simple moving average of $80.58. The firm has a market capitalization of $4.81 billion, a P/E ratio of 20.08, a P/E/G ratio of 0.83 and a beta of 0.30. Stride, Inc. has a 12 month low of $54.81 and a 12 month high of $112.80. The company has a current ratio of 5.60, a quick ratio of 5.50 and a debt-to-equity ratio of 0.38.

Stride (NYSE:LRN - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.72. The business had revenue of $551.08 million for the quarter, compared to analyst estimates of $504.29 million. Stride had a net margin of 11.38% and a return on equity of 21.23%. Stride's revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period last year, the firm earned $0.11 earnings per share. On average, analysts forecast that Stride, Inc. will post 6.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on LRN shares. Barrington Research boosted their price target on Stride from $90.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. StockNews.com lowered Stride from a "buy" rating to a "hold" rating in a report on Wednesday, October 23rd. Canaccord Genuity Group raised their price target on Stride from $94.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Citigroup upped their price objective on shares of Stride from $90.00 to $94.00 and gave the company a "neutral" rating in a report on Tuesday, October 29th. Finally, BMO Capital Markets raised their target price on shares of Stride from $84.00 to $88.00 and gave the stock an "outperform" rating in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $90.17.

Stride Company Profile

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.