Stride (NYSE:LRN) Shares Gap Down - Here's What Happened

Stride, Inc. (NYSE:LRN - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $133.16, but opened at $128.27. Stride shares last traded at $118.44, with a volume of 215,665 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on LRN shares. Canaccord Genuity Group increased their price target on Stride from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Tuesday. Barrington Research increased their price objective on shares of Stride from $130.00 to $140.00 and gave the company an "outperform" rating in a research report on Wednesday, January 29th. BMO Capital Markets boosted their target price on shares of Stride from $122.00 to $134.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Finally, Morgan Stanley upped their price target on shares of Stride from $94.00 to $109.00 and gave the company an "equal weight" rating in a research note on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $119.33.

Stride Price Performance

The stock has a fifty day moving average of $126.17 and a 200 day moving average of $103.68. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 1.04 and a beta of 0.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 6.02 and a quick ratio of 5.93.

Remove Ads

Stride (NYSE:LRN - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $2.03 EPS for the quarter, beating the consensus estimate of $1.92 by $0.11. Stride had a net margin of 12.30% and a return on equity of 22.42%. On average, analysts expect that Stride, Inc. will post 6.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Stride

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its stake in shares of Stride by 293.1% in the fourth quarter. Principal Financial Group Inc. now owns 866,182 shares of the company's stock worth $90,024,000 after buying an additional 645,835 shares during the last quarter. Norges Bank acquired a new position in Stride in the fourth quarter valued at approximately $45,306,000. Arrowstreet Capital Limited Partnership boosted its position in Stride by 783.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 453,139 shares of the company's stock worth $47,095,000 after purchasing an additional 401,838 shares in the last quarter. William Blair Investment Management LLC grew its stake in shares of Stride by 18.0% during the 4th quarter. William Blair Investment Management LLC now owns 2,467,019 shares of the company's stock worth $256,397,000 after purchasing an additional 375,686 shares during the period. Finally, Cat Rock Capital Management LP purchased a new position in shares of Stride during the 4th quarter valued at approximately $36,694,000. 98.24% of the stock is owned by institutional investors and hedge funds.

About Stride

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.