Stride (NYSE:LRN) Shares Gap Up After Better-Than-Expected Earnings

Stride, Inc. (NYSE:LRN - Get Free Report) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $120.64, but opened at $127.34. Stride shares last traded at $131.71, with a volume of 391,397 shares.

The company reported $2.03 earnings per share for the quarter, topping analysts' consensus estimates of $1.92 by $0.11. Stride had a return on equity of 21.23% and a net margin of 11.38%.

Analyst Ratings Changes

A number of equities analysts have issued reports on LRN shares. StockNews.com cut Stride from a "buy" rating to a "hold" rating in a report on Wednesday, October 23rd. Canaccord Genuity Group upped their target price on Stride from $100.00 to $130.00 and gave the stock a "buy" rating in a report on Monday. Citigroup upped their target price on Stride from $90.00 to $94.00 and gave the stock a "neutral" rating in a report on Tuesday, October 29th. Morgan Stanley upped their target price on Stride from $94.00 to $109.00 and gave the stock an "equal weight" rating in a report on Thursday, December 12th. Finally, BMO Capital Markets increased their price target on Stride from $122.00 to $134.00 and gave the company an "outperform" rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and four 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 price target of $116.83.

Institutional Investors Weigh In On Stride

Several institutional investors and hedge funds have recently made changes to their positions in the stock. R Squared Ltd bought a new stake in shares of Stride during the 4th quarter valued at about $37,000. Mendota Financial Group LLC bought a new stake in shares of Stride during the 3rd quarter valued at about $86,000. TD Private Client Wealth LLC boosted its position in shares of Stride by 27.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,962 shares of the company's stock valued at $167,000 after purchasing an additional 426 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Stride by 45.3% during the 3rd quarter. GAMMA Investing LLC now owns 2,061 shares of the company's stock valued at $176,000 after purchasing an additional 643 shares in the last quarter. Finally, Central Pacific Bank Trust Division boosted its position in shares of Stride by 24.2% during 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 in the last quarter. Institutional investors and hedge funds own 98.24% of the company's stock.

Stride Trading Up 4.8 %

The company has a current ratio of 5.60, a quick ratio of 5.50 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average of $109.94 and a 200 day moving average of $91.84. The company has a market cap of $5.84 billion, a P/E ratio of 24.36, a price-to-earnings-growth ratio of 0.88 and a beta of 0.32.

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.